Mega Restructuring: Macy’s Closing 125 Stores, Axing 2,000 Jobs

Macy’s Inc, in a dramatic, massive restructuring, will close 125 stores, cut about 2,000 workers and shut its dot-com headquarters in San Francisco and its corporate offices in Cincinnati. The approximate 125 stores closing over the next three years account for $1.4 billion of Macy’s $24 billion in annual sales and includes the previously revealed 30 stores currently in the process of closing. WWD first reported last month that Macy’s dot-com headquarters in San Francisco will close and relocate to New York City. Some technology positions will be added to the retailer’s Johns Creek, Ga., facility, and an office in Atlanta will serve as the primary technology hub for the company. The 2,000 workers losing their jobs represent 9 percent of the corporate and support staffs. Macy’s has long been saddled with many weak stores, to a large degree stemming from its acquisition of May Co. in 2005. But the business has also been hurt by stronger competitors, notably Target, Nordstrom, Amazon, Zara and TJX Cos., and according to some retail experts, Macy’s hasn’t been innovating fast enough, particularly in fashion, to keep up with rapidly shifting consumer spending habits. As an early dot-com operator dating back to the late Nineties, the Macy’s web site has

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