Major Retail Stores Closing 3 NJ Locations; Another 24 Threatened

NEW JERSEY – Major retail chains have announced that they're closing three New Jersey stores very soon, while another says it plans a sizable downsizing that could impact the Garden State.

The parent company of Sears and Kmart announced on Wednesday that it plans to close stores in Moorestown, West Long Branch and Woodbridge, saying it's doing so "after careful review."

Macy’s also said on Tuesday that it plans to close 125 stores over the next three years, representing a fifth of the retail giant’s locations, according to a report. New Jersey has 24 stores that could be threatened (see list below).

Larry Costello, spokesman for the parent company of Sears and Kmart, said Transformco made the "difficult but necessary decision" to close the three stores in New Jersey. A number of the company's stores have closed in recent years, and only one Kmart is left at the Jersey Shore.

"The liquidation sales will begin later this week and the stores are planned to close in mid-April," he said. "We encourage customers to continue shopping on Kmart.com and Sears.com for all their product needs."

The Macy's news, meanwhile, comes on the heels of a similar announcement made in January when the company said it would close at least 28 stores.

Macy’s officials told the Wall Street Journal the final list of locations could change based on market conditions and the performance of the malls where the stores are located.

The company also plans to cut jobs — approximately 2,000 corporate positions, or 10 percent of corporate and support staff — and close several offices. Among the closures will be the company’s second headquarters in Cincinnati, Ohio, along with a move to locate all headquarters roles in New York City.

Macy's currently operates 24 stores in New Jersey, including locations in:

• Bridgewater
• Cherry Hill
• Deptford
• East Brunswick
• Eatontown
• Edison
• Freehold
• Jersey City
• Lawrenceville
• Livingston
• Maple Shade
• Mays Landing
• North Brunswick
• Paramus
• Rockaway
• Short Hills
• Springfield
• Toms River
• Wayne
• Woodbridge

In August 2016, Macy’s said it would close 100 stores. Since that announcement, the retail chain has been closing locations as their leases expire.

Macy’s is part of a growing list of brick-and-mortar establishments that have seen a nosedive in revenue and popularity with the emergence of e-commerce companies such as Amazon and Walmart.

Chains that are closing New Jersey stores include Pier 1 Imports, Bed Bath & Beyond, Papyrus, Sears, A.C. Moore, Kmart, A.C. Moore, Motherhood Maternity, Dressbarn and more.

Read more: New NJ Closures: 33 Stores, Restaurants Shutting; 600 Lose Jobs

The Macy's closings are part of a strategy to overhaul the 161-year-old retail giant, which has closed dozens of underperforming stores in the past four years, many of them in shopping malls, as it invests more in its most lucrative properties, the Washington Post reports.

While the restructuring will likely cost the company $480 million, Macy’s expects to save $1.5 billion annually by the end of 2022. The company told the Wall Street Journal it plans to test a new concept that will take stores out of malls by opening smaller stores in strip centers.