Macy's to cut 10000 jobs amid store closures

05 January, 2017, 01:44 | Author: Priscilla Morrison
  • Macy's to cut 10000 jobs amid store closures

Macy's Inc. said Wednesday it is selling the store, ending more than a century of department store retailing in the heart of Minnesota's largest city.

Because of the store shutdowns, Macy's said it expects 2017 sales to see a negative impact of $575 million.

The Macy's store at the Beaver Valley Mall will close by the end of this year, taking with it almost 80 jobs, the company announced. Management at the mall declined to comment.

Macy's announced in August that it would shut roughly 100 stores, the latest round as the venerable chain tried to reverse sliding sales and profits. The Everett store and a store in Kelso were the only Washington locations on the list.

A total of 68 stores out of 730 across the country will close in this round, causing about 6,200 jobs to be pared nationally.

The store is 178,000 square feet, opened in 1966 and employs 84 people, according to the statement.

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The only Louisiana store affected is the store in Esplanade in Kenner. That store will close this year.

Macy's, which has corporate offices in Cincinnati and NY, had fiscal 2015 sales of $27 billion.

With plans to close approximately 30 additional stores over the next few years, the company estimates that 3,900 associates will be displaced as a result of all the store closures.

A third Macy's remains open at nearby Fashion Valley shopping center as do seven others throughout the county.

"These savings, combined with savings from initiatives implemented in early 2016, exceed the $500 million goal communicated in fall of 2015, one year earlier than expected", the company said.

Shares in Macy's fell almost 10 percent, to $32.30, in after-hours trading.

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