The store closings are part of the company's restructuring plan first announced in 2020. Over three years, Macy's plan called for closing 125 stores and cutting thousands of corporate jobs, a goal that seems prescient now given inflation and the potential for a recession.
Department stores are dying out. Wow. Never thought I’d see the day I read that Macy’s is closing down over 100 locations over the next 3 years with Kohl’s and Nordstrom expected to follow soon. I hope they send everything to Marshalls 🤭🤭— rochelle (@RochSaid) January 4, 2023
It's Macy's fourth wave of store closings, with others previously announced in 2020, 2021, and 2022. Four locations, all located in malls, are set to close by March 31:
- Baldwin Hills Crenshaw Plaza, Los Angeles.
- Foothills Mall, Fort Collins, Colorado.
- Windward Mall, Oahu, Hawaii.
- Lakeforest Mall, Gaithersburg, Maryland.
Clearance sales are set to begin this month at those locations and run for eight to 12 weeks. Affected employees will be offered jobs at nearby stores or severance packages, the company said.
As part of its restructuring, Macy's plans to move away — at least partially — from huge suburban shopping malls that are no longer the hangouts or shopping resources they once were.
To that end, the company opened four Market by Macy's stores last year outside of malls with smaller footprints, more events and services, and fewer products.