Macy’s announces layoffs for 2,350 employees amid five store closures

Department store Macy’s will lay off some 2,350 jobs, about 3.5% of its workforce, beginning next week.

Macy’s sent a memo Thursday, obtained by the Wall Street Journal, announcing layoffs on Jan. 26. These layoffs exclude the seasonal hires of the holidays. This memo also included the announcement of store closures in Arlington, Virginia; San Leandro, California; Simi Valley, California; Lihue, Hawaii; and Tallahassee, Florida.

Macy's announced Thursday that it would close 11 more stores as part of a plan announced two years ago to eliminate 100 of its branches to ensure it held the most competitive mix of digital and physical stores. The retailer has yet to identify 19 of them. (AP Photo/Damian Dovarganes, file) — Macy’s announced Thursday that it would close 11 more stores as part of a plan announced two years ago to eliminate 100 of its branches to ensure it held the most competitive mix of digital and physical stores. The retailer has yet to identify 19 of them. (AP Photo/Damian Dovarganes, file) | Damian Dovarganes

“Despite our strong and tangible progress over the last few years, we remain under pressure,” the memo read.

Its workforce had been on the rise since the pandemic of 2020, but it is still some 30,000 employees short of pre-pandemic levels, with 94,570 employees before the layoffs. Leading up to the pandemic, employees were on the decline.

This comes as Macy’s President Jeff Gennette is leaving the company next month and will be succeeded by Tony Spring. Gennette has been the chief executive since 2017, when just two years prior, Macy’s stock hit its peak of $73 per share. Since then, it has dropped 75% to less than $18.

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There are still over 550 Macy’s and Macy’s-owned Bloomingdale’s in operation.

Last year, Macy’s opted to retire its Great Tree Lighting at its downtown Boston store. The retailer has yet to release its holiday season sales.