Macy’s to Close 125 Stores

The approximately 125 stores currently account for approximately $1.4 billion in annual sales. Across the remaining store fleet, the company is adjusting its staffing with reductions in some stores and increases in others. Some 2,000 employees will lose their jobs in the process.

“We have a clear vision of where our brands, Macy’s, Bloomingdale’s and Bluemercury, fit into retail today,” says Jeff Gennette, chairman and chief executive officer, Macy’s. “We are confident in our Polaris strategy, and we have the resources required to return Macy’s, Inc. to sustainable, profitable growth. We will focus our resources on the healthy parts of our business, directly address the unhealthy parts of the business and explore new

The company also today announced several changes to the senior management team, effective Jan. 31: John Harper, formerly chief stores officer, has assumed the role of chief operations officer, with expanded responsibility for stores, technology, supply chain and brand experience. Marc Mastronardi is now chief stores officer, reporting to Harper. Mastronardi was most recently senior vice president of store operations and customer experience. Danielle Kirgan, chief human resources officer, is taking on an expanded role as chief transformation and human resources officer. She will lead the company's transformation work.

“We are taking the organization through significant structural change to lower costs, bring teams closer together and reduce duplicative work,” says Gennette. “This will be a tough week for our team as we say goodbye to great colleagues and good friends. The changes we are making are deep and impact every area of the business, but they are necessary. I know we will come out of this transition stronger, more agile and better fit to compete in today’s retail environment.”