Macy’s to close 14 stores, including two in Woodland Hills
Macy’s Inc. is closing 14 stores this spring, including its department store and furniture gallery in Woodland Hills.
The Cincinnati retailer said the closings, which involve less than 2% of its Macy’s locations, will affect about 1,300 employees. The chain said it will try to move employees to other stores, and offer severance benefits to eligible workers.
The stores that are shutting down account for about $130 million in sales, which could be retained by nearby stores or the Macy’s website, the company said in a Thursday statement.
The department store chain also said it is retooling its staffing at Macy’s and Bloomingdale’s stores, a move that could affect up to 2,200 employees, who could be moved to other jobs.
“Selling service and support is being modified to match business opportunity in each department,” Macy’s said.
The changes will generate annual savings of about $140 million. That money will be reinvested into technology and other initiatives, as well as going toward higher healthcare and retirement expenses.
“Our business is rapidly evolving in response to changes in the way customers are shopping across stores, desktops, tablets and smartphones,” Macy’s CEO Terry Lundgren said in the statement. “We must continue to invest in our business to focus on where the customer is headed -- to prepare for what’s next.”
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