Macy’s to shut 125 stores to survive in new retail era

Major revamp: A file picture showing a man carrying shopping bags across the street from a Macy’s store. The company is weighed down by too many stores in underperforming malls, according to analysts. — AP

New York: Macy’s Inc plans to close 125 of its least productive department stores – almost a quarter of the total – over the next three years and cut about 2,000 jobs as part of a large restructuring.

The stores, including 30 that are already in the process of being closed, account for about US$1.4bil in annual sales, the company said in a statement.