Macy's cutting 5000 jobs; plans more store closings
07 January, 2018, 01:49 | Author: Bert Pena
Major components of these restructuring activities include: staffing adjustments across the stores organization with reductions in some stores and increases in others; further streamlining in some non-store functions; and the closure of the 11 stores.
In another sign of the times that some brick and mortar stores have trouble competing in this digital age, Macy's has announced that they will close their downtown Miami store.
The department store company, which has reported sales declines in its last 11 quarters despite closing dozens of weak stores, said on Thursday, that comparable sales rose 1% in November and December, a modest increase to be sure, but one that puts Macy's on track to report its first quarter of growth in three years.
Macy's downtown Miami location, which it leases from New York-based Aetna Realty, was originally a Burdines store. Macy's did not set an exact closing date.
"While closing a store is always a hard decision because of the impact on our customers, our associates and the community, Macy's is delighted to have served this community over the years", Monica Gubrud, Macy's Media Relations Manager said in a statement. Macy's has closed 124 stores since 2015.
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Having faced pressure before from activist investor Starboard (which sold its stake in the company in 2017) to separate its real estate from its retail business, Macy's has still been taking steps to make money from those assets.
Macy's has also struck deals in the past with some of its landlords, including General Growth Properties, to sell locations and generate cash in a pinch.
Macy's CEO Jeff Gennette credited the retailer's new loyalty program, its online sales and the popularity of exclusive gift items for the improvements. Promotions were also less severe, he said, which should be helping profit margins.
Shares of the department store chain have fallen more than 25 percent over the past 12 months.
The store is expected to close by mid-March, the spokesperson said.
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