Macy's Store Closings And Layoffs 2024: Here Are The Locations That Will Close As 2,300 Jobs Cut
Macy's on Thursday announced a round of layoffs and store closings as the company cuts down 3.5% of its overall workforce to trim costs and redirect spending.
The job cuts, a total of 2,350 positions, will include corporate staff and management positions. The news was revealed to employees via a memo on Thursday, the Wall Street Journal reported.
"As we prepare to deploy a new strategy to meet the needs of an everchanging consumer and marketplace, we made the difficult decision to reduce our workforce by 3.5% to become a more streamlined company," the company said in a statement published by CNBC.
The American department store chain will also be closing down five stories across the U.S. in early 2024. These are located in San Leandro, California; Simi Valley, California; Tallahassee, Florida; Lihue, Hawaii; and Arlington, Virginia.
The move reportedly aims to redirect budgets towards improving customers' shopping experience by enhancing the look of the stores and improving its digital presence for a more seamless online shopping experience.
Macy's joins a list of companies cutting jobs to start 2024. Among these are Google and Amazon.
The decision comes despite stronger holiday spending among American shoppers. U.S. retail sales increased by 0.6% in December 2023 from the previous month and 5.6% from the same period in 2022. Conusmers spent more on vehicles, clothing, online and at department stores, another WSJ report said.
Despite the recent store closings, Macy's announced in October that it will open 30 smaller stores in strip malls until 2025. The slimmed-down shops wil be about one-fifth the size of its traditional stores.
Macy's is the largest department store operator in the country. It has roughly 94,500 employees and 507 stores in the U.S.
