January 7, 2016
Macy’s Inc. expects to save $400 million this year as part of massive “cost-efficiency and process improvement measures,” resulting in about 4,800 job cuts nationwide. This week, the Cincinnati-based retailer named 40 store locations slated for closure by spring. Macy’s is also shuttering a call center in St. Louis, and consolidating store groupings.
Three stores in California are reportedly on the closure list: Irvine Spectrum in Irvine, Country Club Plaza in Sacramento, and Westfield Century City, where a new, larger store is planned for spring 2017.
Macy’s also says it tapped three heavy-weight investment players, Eastdil Secured, Credit Suisse and Goldman Sachs, to help find joint-venture partners, as part of an effort to better utilize its mall-based properties and flagship real estate in Manhattan, San Francisco, Chicago and Minneapolis.