Macy’s to cut more than 2,300 jobs, about 3.5% of its workforce, and close five stores

Macy’s on Thursday said it will cut about 3.5% of its workforce and close five of its namesake stores as the legacy department store moves to trim costs and turn around slowing sales.

The move will affect approximately 2,350 positions across its corporate office and stores, company spokesman Chris Grams said. The stores will close in early 2024, he added.

“As we prepare to deploy a new strategy to meet the needs of an everchanging consumer and marketplace, we made the difficult decision to reduce our workforce by 3.5% to become a more streamlined company,” the company said in a statement.

The news was first reported by The Wall Street Journal.

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