January 7, 2016 Comments (2) Views: 793 Bay Area, California News, Los Angeles, Missouri, National News, Ohio, Orange County

Macy’s Consolidating and Cutting Workforce

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.

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2 Responses to Macy’s Consolidating and Cutting Workforce

  1. […] bleak retail landscape includes layoffs and store closings at Macy’s, Finish Line and WalMart, the bankruptcy of American Apparel, and plunging stocks for Staples, Gap […]