Another beloved department store is attempting to salvage what earnings it can during the digital shopping era, which has felled dozens of once-dominant chains.
In January of last year, Macy’s announced it would slash a fifth of its stores and 2,000 employees over three years to improve productivity.
Chairman and CEO Jeff Gennette added in a second-quarter earnings call that he wants to experiment with smaller stores outside of big malls.
Twenty-nine of the 125 expected closures took place in 2020, according to CBS News. And CNBC recently divulged that Macy’s notified employees at around 45 of its stores that they will close by mid-2021
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