The US chain Macy’s announced today, Wednesday, that it will close 125 of its stores in the United States over the next three years and lay off 2,000 employees in its corporate sector, which aims to improve productivity and increase business profits.
Ambar Gay, vice president and general manager of Macy’s, told The new day that the two stores in Puerto Rico will not be closed. Currently, they have a place in Plaza Las Américas, in Hato Rey, and another in Plaza del Caribe, in Ponce.
The company did say that it will close its Cincinnati headquarters and its San Francisco technology offices, and that it plans to start an exit from the less successful shopping centers to open smaller stores at street level.
Since 2015, Macy’s has closed more than 100 stores.
The company also said that it estimates that, with the smallest number of stores, its net sales in fiscal year 2022 will be between $ 23.2 billion and $ 23.9 billion, while earnings per share would be between $ 2.50 and $ 3.
“We are going to carry out a significant structural change in the organization to lower costs, unify equipment and reduce duplicate work,” Macy’s CEO Jeff Gennette said in a statement.
“The changes we will make are profound and will impact all sectors of our business, but they are necessary. I know we will get out of this transition with more force, more agile and in a better way to compete in the current environment of the retail sector “he added.
In the past five years, Macy’s shares have lost more than half of their value. In addition, its market value has fallen to $ 5.1 billion.
In contrast, other retail sales companies that have focused on affordable products and fast home delivery have grown.
Walmart, for example, has recorded a 22% rise in its shares in the last year, while Amazon’s value has exceeded $ 1 trillion on Tuesday.
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