Veteran department-store chain Macy’s is laying off about 3.5% of its workforce, or roughly 2,350 employees, and closing five stores as it continues to shrink its massive retail business for the online-shopping era. The company opened its first Macy’s in 1858 and now operates about 500 Macy’s branded stores, as well as 55 of the more upscale Bloomingdale’s chain. A group of investors in December reportedly proposed to take Macy’s private at a vulnerable moment for the famed company. Macy’s has attempted numerous strategies in recent years to revitalize business, such as new brands and smaller stores, but the moves have not altered its long-term trajectory. Since then, it has closed nearly 300 stores — almost one third of its stores — and operates about 700 across its brands.

Source: CNN January 19, 2024 12:09 UTC