Macy's To Close 125 Stores, Lay Off 2,000 Corporate Employees

Macy's announced a three-year restructuring plan to close 125 underperforming stores and cut 2000 corporate jobs. The company will consolidate its headquarters in New York City, closing offices in Cincinnati, San Francisco, Lorraine, and Tempe. CEO Jeff Gannett emphasized the need for structural changes to reduce costs and improve efficiency. Macy's faces challenges in staying relevant as consumer preferences shift towards online shopping.

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