Macy’s is planning 5,000 job cuts, including closure of seven previously unidentified stores and other cuts at remaining locations, as it seeks stability in a tumultuous climate for physical retail.
The retailer’s cost reductions come after its holiday sales in stores open at least a year rose 1.1%.
Although the company described its holiday sales as “solid,” the performance trailed fellow department-store chain J.C. Penney, which posted a 3.4% increase Thursday.
Macy’s will shutter seven locations it had previously not identified for closure:
Miami (Downtown), Miami
The Oaks, Gainesville, Fla.
Novato (Furniture), Novato, Calif.
Honey Creek Mall, Terre Haute, Ind.
Birchwood Mall, Fort Gratiot Township, Mich.
Fountain Place, Cincinnati
Burlington Town Center, Burlington, Vt.
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SOURCE: USA Today, Nathan Bomey