{"id":22312,"date":"2024-01-19T13:38:23","date_gmt":"2024-01-19T08:08:23","guid":{"rendered":"https:\/\/farratanews.online\/macys-to-slash-2350-jobs-close-5-stores-in-streamlining-effort-report\/"},"modified":"2024-01-19T13:38:23","modified_gmt":"2024-01-19T08:08:23","slug":"macys-to-slash-2350-jobs-close-5-stores-in-streamlining-effort-report","status":"publish","type":"post","link":"https:\/\/farratanews.online\/macys-to-slash-2350-jobs-close-5-stores-in-streamlining-effort-report\/","title":{"rendered":"Macy\u2019s to slash 2,350 jobs, close 5 stores in streamlining effort: report"},"content":{"rendered":"

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A ‘Barron’s Roundtable’ panel provides insight on investing in Macy’s, Nordstrom and Gilead Sciences.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n

Famed retailer Macy’s is planning on shuttering five storefronts and laying off over 2,000 employees, according to a report from the Wall Street Journal.<\/p>\n

The WSJ, citing a memo sent to employees Thursday afternoon and people familiar with the matter, said that the retail giant is planning on laying off roughly 2,350 positions, or 3.5% of it’s overall workforce.<\/p>\n

The company said that the layoffs come as management plans to streamline its supply chain by implementing more automation.<\/p>\n

According to the memo, the WSJ said that Macy’s also plans to outsource some of its roles, but they did not specify which ones.<\/p>\n

MAJOR RETAILERS USE AI TO SLASH NUMBER OF CLOTHING RETURNS WHEN SHOPPING ONLINE<\/u><\/strong><\/p>\n

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Shoppers walk to the Macys store in the Downtown Crossing district, Wednesday, Nov. 17, 2021, in Boston. Macy\u2019s Inc. reported fiscal third-quarter net income of $239 million Thursday, Nov. 18, after reporting a loss in the same period a year earlier.<\/span> (AP Photo\/Charles Krupa) \/ AP Newsroom)<\/span><\/p>\n<\/div>\n<\/div>\n

The company also said in the memo that it would close five Macy\u2019s stores and sell two furniture locations that it plans to relocate.\u00a0<\/p>\n

The stores that are closing are in Ballston Quarter, Arlington, Va.; Bayfair Center, San Leandro, Calif.; Kukui Grove Center, Lihue, Hawaii; Simi Valley Town Center, Simi Valley, Calif.; and Governor\u2019s Square, Tallahassee, Fla.<\/p>\n

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People walk past the large Macy’s billboard on a building in front of the Macy’s Herald Square store on October 8, 2021 in New York City.<\/span> (Gary Hershorn\/Getty Images \/ Getty Images)<\/span><\/p>\n<\/div>\n<\/div>\n

The changes come as the company attempts to transition in order to appeal to a younger generation of shoppers.<\/p>\n

In Oct., the retailer announced that it’s accelerating its small-format store expansion <\/u>by opening up 30 smaller stores across the U.S.<\/p>\n

MACY’S OPENING UP TO 30 SMALL-FORMAT STORES<\/u><\/strong><\/p>\n

The news builds on its August announcement when the company said it was opening four small-format locations, which range between 30,000 and 50,000 square feet, about one-fifth the size of its traditional stores, within the Northeast and Western regions.<\/p>\n

The company has been repositioning its portfolio to better adapt to the changing retail environment and compete with the likes of Target, Nordstrom and Kohl\u2019s, which have been adding small-format stores over the past few years.\u00a0<\/p>\n

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Fitting rooms are seen at the newly opened Macy’s store located at Arroyo Market Square, on Saturday, Sept. 30, 2023, in Las Vegas, Nev.<\/span> (Macy’s Inc.)<\/span><\/p>\n<\/div>\n<\/div>\n

Massive department stores have lost their edge in recent years with the COVID-19 pandemic delivering a blow to iconic names like J.C. Penney and Neiman Marcus, both of which filed for bankruptcy protection in 2020.\u00a0<\/p>\n

Bed, Bath & Beyond, once seen as a retail powerhouse, filed for Chapter 11 bankruptcy protection<\/u> last April after suffering from mounting losses and several failed attempts to turn around its business.<\/p>\n

GET FOX BUSINESS ON THE GO BY CLICKING HERE<\/u><\/strong><\/p>\n

Macy’s did not immediately respond to Fox News Digital’s request for comment.<\/p>\n

Fox News’ Daniella Genovesa contributed to this report.<\/p>\n<\/div>\n[ad_2]\n","protected":false},"excerpt":{"rendered":"

[ad_1] A ‘Barron’s Roundtable’ panel provides insight on investing in Macy’s, Nordstrom and Gilead Sciences. Famed retailer Macy’s is planning on shuttering five storefronts and laying off over 2,000 employees, according to a report from the Wall Street Journal. The WSJ, citing a memo sent to employees Thursday afternoon and people familiar with the matter, …<\/p>\n","protected":false},"author":1,"featured_media":22314,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"_links":{"self":[{"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/posts\/22312"}],"collection":[{"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/comments?post=22312"}],"version-history":[{"count":0,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/posts\/22312\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/media\/22314"}],"wp:attachment":[{"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/media?parent=22312"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/categories?post=22312"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/farratanews.online\/wp-json\/wp\/v2\/tags?post=22312"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}