Citing changes in the way consumers shop, department store giant Macy’s announced Thursday that it plans to shut 14 stores in an effort to increase its focus in online shopping.
The closures, which will cut 1,343 jobs, represent only a fraction of the company’s 790 stores across the U.S. and should be completed within the next several months, the Agence-France Presse reports.
Officials with Macy’s say the restructuring plan will allow the company to better focus on the growing market of online sales.
“Our business is rapidly evolving in response to changes in the way customers are shopping across stores, desktops, tablets and smartphones,” Terry Lundgren, Macy’s chairman and chief executive, in the statement. “We must continue to invest in our business to focus on where the customer is headed.”
The company says the stores targeted for closure – the locations of which were not announced – generate about $130 million in annual sales. Representatives for Macy’s believe that some of those sales will be retained in nearby stores and online sales.
In all, the company estimates that the restructuring changes will produce $140 million in savings annually.
Contrasting the impending closures is Macy’s plan to open two new stores in California this year.
Additionally, Forbes reports the retailer will create a team to explore opportunities for a Macy’s off-price business.
Macy’s to close 14 stores, cut 1,300 jobs [Agence-France Presse]
Macy’s Announces Massive Restructuring [Forbes]
by Ashlee Kieler via Consumerist
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