01-04-2017, 08:38 PM
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It's 42
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Join Date: Jun 2010
Location: Global
Posts: 18,083
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Macy's to close 63 more locations -- 3,900 to lose their jobs
Press Release - Macy's, Inc.
Quote:
The closure of 68 stores and the reorganization of the field structure that supports the remaining stores, reinforcing the strategy of fewer stores with better customer experience. These store closures are part of the approximately 100 closings announced in August 2016.
The significant restructuring of the Macy?s, Inc. operations to focus resources on strategic priorities, improve organizational agility and reduce expense.
The sale of properties consistent with the previously announced real estate strategy.
The actions announced today are estimated to generate annual expense savings of approximately $550 million, beginning in 2017, enabling the company to invest an additional $250 million in growing the digital business, store-related growth strategies, Bluemercury, Macy?s Backstage and China. 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.
?Over the past year, we have been focused and disciplined about making strategic decisions to position us to gain market share and return to growth over time. While we are pleased with the strong performance of our highly developed online business...
...Associates displaced by store closings may be offered positions in nearby stores where possible. Eligible full-time and part-time associates who are affected by the store closings will be offered severance benefits. The company estimates that 3,900 associates will be displaced as a result of these closures. ...
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