Cutbacks Won’t Affect Mall Macy’s
Neither the newly upgraded Macy’s store at the Ohio Valley Mall nor the company’s store at the Fort Steuben Mall will close as part of the $100 million cost-reduction plan outlined Wednesday.
Macy’s will close one store in each of the states of Arizona, Kansas, Missouri, New York and Utah.
With these five store closings and some additional company-wide reductions, roughly 2,500 employees will lose their jobs.
In total, the Macy’s Inc. work force is expected to remain at a level of approximately 175,000 associates.
The company operates about 840 department stores in 45 states, while its sales totalled $27.7 billion during fiscal year 2012.
“We have identified some specific areas where we can improve our efficiency without compromising our effectiveness in serving the evolving needs of our customers,” said Terry J. Lundgren, Macy’s Inc. chairman, president and CEO.
“We continue to maintain a very strong nationwide network of stores through an ongoing process of selectively adding new locations while also trimming those that no longer meet our performance requirements or where our leases were not renewed,” he added.