Macy’s is planning 5,000 job cuts, including closure of seven previously unidentified stores and other cuts at remaining locations, as it seeks stability in a tumultuous climate for physical retail.
The retailer’s cost reductions come after its holiday sales in stores open at least a year rose 1.1%.
Although the company described its holiday sales as “solid,” the performance trailed fellow department-store chain J.C. Penney, which posted a 3.4% increase Thursday.
Macy’s stock fell 7.1% in early trading to $23.54.
Macy’s will shutter seven new locations it had previously not identified for closure:
- Miami (Downtown), Miami, Fla.
- The Oaks, Gainesville, Fla.
- Novato (Furniture), Novato, Calif.
- Honey Creek Mall, Terre Haute, Ind.
- Birchwood Mall, Fort Gratiot Township, Mich.
- Fountain Place, Cincinnati, Ohio
- Burlington Town Center, Burlington, Vt.
The retailer also said Thursday that it is moving ahead with four other store closures previously announced:
- Laguna Hills Mall, Laguna Hills, Calif.
- Westside Pavilion, Los Angeles, Calif.
- Stonestown Galleria, San Francisco, Calif.
- Magic Valley Mall, Twin Falls, Idaho
The moves are part of a plan announced in August 2016 to close 100 stores. Altogether, the company has now revealed 81 of the 100 locations.
Net job cuts, including the closures and reductions at remaining locations, will total about 5,000, Macy’s spokesman Blair Rosenberg said in an email.
The company also said it would add jobs in certain locations to properly staff stores.