Macy’s To Close 125 Stores; Is The Crossroads Mall Macy’s Doomed?
It's been a pretty scary few years for department stores in the area and an even scarier time for malls throughout Southwest Michigan as more and more department stores seem to be going out of business. Now it looks like the Macy's at Crossroads could be doomed, as yesterday that the department store chain announced that it plans to shut 125 stores over the next three years and slash about 2,000 corporate jobs. For the sake of the employees I hope they'll remain safe, but Michigan alone has 14 stores. The closure of 30 stores has already been announced, however none are in Michigan.
CEO Jeff Gennette commented in the press release on how crucial these changes are to the company: "We are taking the organization through significant structural change to lower costs, bring teams closer together and reduce duplicative work. The changes we are making are deep and impact every area of the business, but they are necessary. I know we will come out of this transition stronger, more agile and better fit to compete in today’s retail environment."