Macy’s, $M, to cut about 2,350 jobs, 13%, and close five stores

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Macy's is set to eliminate around 2,350 positions, encompassing roles in its corporate office and stores, as part of a strategic shift to adapt to evolving consumer and market demands. The decision aims to streamline the company, with affected employees being notified on Thursday and the last day of employment scheduled for January 26. Macy's will also close stores in Arlington, VA; San Leandro, CA; Lihue, HI; Simi Valley, CA; and Tallahassee, FL, by early 2024. The move is part of Macy's broader initiative to transform its 166-year-old department store brand, catering to online shoppers, emphasizing value, and competing with various retailers, including e-commerce giants like Amazon, Target, and off-price retailers like T.J.Maxx. As Macy's undergoes this transformation, it is revamping private label brands, opening smaller shops outside malls, and leveraging growth through its beauty chain, Bluemercury, and upscale department store, Bloomingdale's. The company previously announced plans to open up to 30 smaller stores in strip malls over the next two years, targeting suburban consumers. The leadership transition is also underway, with Tony Spring, the current CEO of Bloomingdale's, set to take over as Macy's CEO in early February as outgoing CEO Jeff Gennette retires. While Macy's CFO and COO Adrian Mitchell hinted at a store optimization strategy during an October earnings call, the company's sales and stock performance have faced challenges, and it anticipates a decline of up to 7% in same-store sales for fiscal 2023, with Q4 earnings expected to be reported in late February.