NEW YORK — Macy’s says it is closing 125 of its least productive stores and cutting 2,000 corporate jobs as the struggling department store tries to reinvent itself in the age of online shopping. Maine’s remaining Macy’s store, located in Maine Mall in South Portland, is expected to be spared.
The store closures represent about one fifth of Macy’s current total. The stores, which include about 30 that are in the process of closing, account for $1.4 billion in annual sales. Macy’s didn’t specify how many jobs would be lost at the shuttered stores.
The corporate jobs will be shed as Macy’s closes its offices in Cincinnati and San Francisco, leaving New York as its sole corporate headquarters.
Macy’s is also testing a new store format that’s located at a strip center, instead of a mall.
The moves announced Tuesday come ahead of Macy’s annual investor meeting where CEO Jeff Gennette is expected to unveil a three-year reinvention plan.