Macy's to close 125 stores, cut 2,000 corporate jobs, in hunt for growth
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It also is closing its Tempe, Arizona, customer contact center.Macy's said the 125 stores now planned for closure, which include the roughly 30 it already announced, account for roughly $1.4 billion in annual sales.Meantime, Macy's said it is planning to open an additional 50 Backstage stores within its existing department stores, along with seven freestanding Backstage locations, in 2020.The roughly 2,000 jobs being cut represent about 9% of its workforce, Macy's said.Macy's said it expects the total costs related to these changes to amount to between $450 million and $490 million, the majority of which will be recorded in 2019.Macy's is calling 2020 a "transition year" and says it expects same-store sales to be negative, "due to the trajectory of the business over the past six months."Macy's said Tuesday it expects revenues in fiscal 2020 to fall because of store closures.
As said here by Lauren Thomas