After previously announcing that it would close 298 locations, Macy's said Tuesday that it will now shutter nearly 100 more.
The retailer also said that it is cutting about 2,000 positions , eliminating 9% of its corporate and support positions.
“We are making deep cuts that impact every area of our business,'' Macy's CEO Jeff Gennette said Wednesday during the retailer's Investors Day. "These changes are painful but they are necessary.''
Macy's, once the model of the luxury department store, has struggled to stay afloat during a time when Amazon has remade the shopping landscape and one time retail giants like Payless and Toys R Us are going out of business.
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Macy's store closures:Macy's to close 125 stores over next 3 years and slashing 2,000 jobs
Macy's initial closures:Macy's is closing nearly 30 stores in 19 states. Is your location on the list?
The retailer says that shutting weaker stores in lower-tier malls will enable it to focus on locations with stronger sales as well as its online operations.
Here’s an updated list of stores Macy’s previously revealed it was closing starting in 2020.
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