Trump economy just humming along . . . or not

The legacy retailer Macy’s is closing 125 stores — about a fifth of its total — and laying off about 2,000 workers as it struggles to shore up sales after a disappointing holiday season.

The retailer is also shutting down its second headquarters in Cincinnati and will move operations to New York, the company announced in a statement on Tuesday. The company is cutting about 10 percent of its corporate and support staff as it continues to lose shoppers to e-commerce.

“The changes we are making are deep and impact every area of the business, but they are necessary,” Jeff Gennette, chief executive of Macy’s, said in a statement. “We are taking the organization through significant structural change to lower costs, bring teams closer together and reduce duplicative work.”

The announcement comes less than a month after the company said it would close 29 Macy’s and Bloomingdale’s stores. The retail giant has closed dozens of under-performing stores, many of them in shopping malls, over the past four years, as it invests more in its most lucrative properties. Even so, Macy’s has struggled to win over customers who are increasingly buying online instead of at shopping malls.

Read more: https://www.washingtonpost.com/business/2020/02/04/macys-is-closing-125-stores-laying-off-2000-employees/?utm_campaign=wp_main&utm_medium=social&utm_source=twitter