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Macy’s on Thursday said it will cut about 3.5% of its workforce and close five of its namesake mall locations as the legacy department store moves to trim costs and turn around slowing sales.
The company's board appointed Ashley Buchanan, a retail veteran who had held top jobs in The Michaels Companies, Macy's, and Walmart, as the new CEO. CNN plans to cut 200 jobs.
Macy’s is laying off about 3.5% of its workforce, or roughly 2,350 employees, and closing five stores as it continues to shrink its massive retail business for the online shopping era.
On February 1, 1993, the remaining G. Fox & Co. stores were re-branded as Filene's, until September 9, 2006 when most of that chain was converted to Macy's, after corporate parent May Company's merger with (assumption by) Federated Department Stores was completed on August 30, 2005 and Federated rebranded its corporate self as Macy's, Inc.
Macy's (originally R. H. Macy & Co.) is an American department store chain founded in 1858 by Rowland Hussey Macy.It has been a sister brand to the Bloomingdale's department store chain since being acquired by holding company Federated Department Stores in 1994, which renamed itself Macy's, Inc. in 2007.
Get the complete list of Macy's stores closing in 2021, along with information about the department store chain's three-year plan to close 125 locations in total.
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