Macy’s Closing 40 Stores

Macy’s (Cincinnati) announced the locations of the stores it plans to close over the next year. The company previously announced that it would be closing 40 stores. So far, it has closed four and has now specified the 36 other locations that will be closing by spring.

The company also shared other cost-cutting efforts it is making to overcome declining sales that included a 5.2-percent drop in sales during the holiday season. Those measures include cutting about 3000 retail jobs (in addition to the reduction of 3200 employees from the shuttered stores), eliminating 450 corporate positions, a buyout of 165 senior executives, and closing a call center in St. Louis.

According to Cincinnati.com, these cuts will reduce the retailer’s annual expenses by $400 million.