Economy

Is Macy's closing in the Staten Island Mall?

Is Macy's closing in the Staten Island Mall?

U.S. department store chain Macy's has said it expects to make 10,100 people redundant and save $550m (£447m) as a result of its cost-cutting programme.

The Macy's department store chain announced Wednesday that it.

Macy's Inc. says its plan to close 100 stores - initially announced in August 2016 - is meant "to streamline its store portfolio, intensify cost efficiency efforts and execute its real estate strategy".

After a 2.1 per cent drop in sales in November and December, Macy's Chairman and CEO Terry Lundgren said that the company's performance "reflects the broader challenges facing much of the retail industry" in a statement.

Overseas, the company plans to open stores in Abu Dhabi and Kuwait.

Of the 68 stores, three have already shuttered during 2016, 63 will be closed in early spring 2017, and two will be closed in mid-2017.

Dolphins waiting to rule out Ryan Tannehill for wild-card game
Pittsburgh was without their star receiver the following week against the Denver Broncos in the AFC Divisional round. For the first time ever, Ben Roethlisberger, Antonio Brown and Le'Veon Bell will play a postseason game together.

Some 3,900 people will be laid off as a result of the closures, although the retailer said some associates could be offered positions in nearby stores. This will lead to the reduction of 6,200 jobs.

"Revitalizing the business will not be easy", Neil Saunders, chief executive at retail consultancy Conlumino, told Reuters.

The iconic department store, one of the largest retailers in the United States, was founded in 1858 in New York City and now operates 730 stores across the country.

Macy's plan here is to restructure and focus on its better-performing stores.

Because of declining sales, Macy's announced Wednesday it will be shutting down of 68 stores across the country, including the Valley View location.

The actions are estimated to generate annual savings of approximately $550 million, beginning in 2017.


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