Macy’s is cutting thousands of jobs and shuttering 125 stores. The retailer announced it will cut nearly 2,000 corporate jobs, reducing that headcount by 9%.
Macy’s says the store closings will take place over the next three years. The department store lists 11 locations in Missouri. It’s not clear which of those stores will be closed, and which will remain open.
The changes come as the retailer plans to boost its online business and expand outside of malls. Macy’s is also looking to soon open 50 more of its Backstage stores.
The chain says 2020 is a “transition year”, CNBC reports.
“I know we will come out of this transition stronger, more agile and better fit to compete in today’s retail environment,” Macy’s CEO Jeff Gennette said in a statement.
Due to store closures, Macy’s is expecting revenue to decrease in the fiscal year.
“The changes we are making are deep and impact every area of the business,” Gennette said, “but they are necessary.”