US Consumers Struggling to Prop Up Retail Giant
Macy’s department store has announced plans to close 125 stores and cut around 2,000 corporate employees.
Along with the store closures, the company will shutter its Cincinnati headquarters and tech offices in San Francisco.
Even with the cuts, sales projections for the next three years “look abysmal.” According to CNBC, same-store sales, on an owned plus licensed basis, are forecast to be down 1% to flat.
“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