Macy’s announced on Tuesday that it will close 125 stores and axe 2,000 jobs, becoming the latest shopping giant to shutter shops amid a radical reordering of the retail landscape.
The department store chain plans to exit weaker shopping malls and focus on opening smaller-format stores in strip malls.
“We are taking the organization through significant structural change to lower costs, bring teams closer together and reduce duplication work,” Jeff Gennette, Macy’s chief executive, said.