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People at the entrance of a Macy’s store in Jersey City, N.J.
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Macy’s will reportedly shut 125 stores over the next three years and slash about 2,000 corporate jobs, as it shutters its tech offices in San Francisco and its Cincinnati headquarters.
The department store chain plans to exit weaker shopping malls, and instead will shift its focus toward opening smaller-format stores in strip centers, according to a report in The Wall Street Journal.
Macy’s shares shot up more than 3% after the bell Thursday, following the news.
A spokesperson wasn’t immediately available to comment.
The planned closures and job cuts come ahead of Macy’s holding a meeting with investors in New York on Wednesday, where it is expected to lay out a multi-year plan.
Earlier Tuesday, Macy’s had confirmed with CNBC it was closing its tech offices in San Francisco, consolidating these operations in New York and Atlanta.
The company’s stock, which is valued at more than $5 billion, has fallen 36% over the past 12 months.
Read the full story from the Journal.
This is a developing story. Please check back for updates.