Macy's cutting 5000 jobs; plans more store closings

07 January, 2018, 01:45 | Author: Jason Torres
  • Macy's to shutter historic downtown Miami store amid rash of closures

The firm expects to see around $300 million in annual expense savings from the store closures, staff reductions and streamlining of non-store functions.

The company notified the 54 Downtown Cincinnati store associates about the closure Wednesday. List among the closures is a second Florida location, the Macy's store in the Oaks Mall in Gainesville.

Investors reacted to the news by driving Macy's stock price down by more than 5 percent to $23.44 in the first hour of trading. The company's stock fell anyway and shares are now down about 3 percent.

"While closing a store is always a hard decision because of the impact on our customers, our associates and the community, Macy's is delighted to have served this community over the years", said Macy's in a statement.

A Cincinnati real estate expert said the move was predictable. Macy's has closed 124 stores since 2015.

Meantime, Macy's is testing smaller versions of its off-price concept, Macy's Backstage, inside some of its existing stores, which appeals to customers looking for more of a "treasure hunt" shopping experience.

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The Miami store was originally the flagship store of the home-grown Burdine's department stores.

Macy's says it enjoyed sales growth during the holiday season, but the improvement wasn't enough to offset a tough year.

"Our primary focus in 2017 has been to continue the strong growth of digital and mobile, stabilize our brick & mortar business and set the foundation for future growth". Promotions were also less severe, he said, which should be helping profit margins.

As of its fiscal third quarter, Macy's operated roughly 860 stores under various brands, including Macy's, Macy's Backstage, Bloomingdale's, and Bluemercury.

- CNBC's Courtney Reagan contributed to this reporting.

The store is expected to close by mid-March, the spokesperson said. He said those conversations had already begun prior to Wednesday's announcement by the company.

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