Macy’s Closing 14 Stores

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.