Headlines

Macy’s Closing 14 Stores

Will reinvest savings in technology

Published

9 years ago

January 9, 2015

Sarah Whitman

Macy’s Inc. (Cincinnati) announced yesterday evening it would close 14 stores by early spring, reports the Cincinnati Business Courier.

The 14 stores account for $130 million in annual sales, although the company expects some of that to be retained by nearby stores and online sales.

As a result of the closings, the company said it will lay off an average of two to three employees per store — between 1660 and 2500 total workers — as it refocuses its staffing.

The store closings and reorganizations are expected to generate $140 million in annual savings beginning in 2015. That money will be reinvested into technology, according to the Business Courier.

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