Amid slumping sales and pressure from investors, Macy’s is looking to make some steep changes.
The Lowdown
Macy’s has announced a plan or attempt to regain slumping sales. According to the retail chain, 150 stores across the next five years will see their locations shuttered and at least 3.5% of the company’s workforce will be let go.
In the same announcement, the chain announced it instead would open 15 of its higher-end Bloomingdale’s stores and 30 total of its luxury Bluemercury cosmetics locations.