The traditional American chain Macy's has announced that it will close another 125 stores and cut around 2,000 jobs in the next three years. This means that the retail group, which has been on a shrinking path for years, will close around a fifth of its remaining stores.
According to CEO Jeff Gennette, the austerity measures are expected to result in cost reductions of around $ 1.5 billion a year from the end of 2022. The group has long been cutting costs with store closures and downsizing and is trying to focus more on online business. So far, however, this has not caught on with investors – the share has lost over 36 percent in the past twelve months. The latest announcements have also been cautiously received after the exchange: Macy's has been around for about 160 years, and the Bloomingdale's chain also belongs to the group. The flagship branch in the middle of Manhattan's shopping street on 34th Street is world famous.
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