Macy's To Close Two Stores In Columbus Area, Cut 125 Jobs
Macy's says it is eliminating more than 10,000 jobs and plans to move forward with 68 store closures, including two in the Columbus area, after a disappointing holiday shopping season.
The department store chain will close locations at the Mall at Tuttle Crossing and Eastland Mall, cutting a total of 125 jobs – 52 positions at Tuttle and 73 at Eastland, according to Business Wire.
Macy’s also lowered its full-year earnings forecast.
The retailer said Wednesday that sales at established stores fell 2.1 percent in November and December compared to the same period last year. Macy's Inc. pointed to changing consumer behavior and said it reflects challenges facing much of the retail industry.
The company said it plans to close by midyear the 68 stores that are part of 100 closings announced in August. It also plans to restructure parts of its business and sell some properties. The moves are estimated to save $550 million annually.
Shares in Macy's fell more than 8 percent in after-hours trading.