Macy’s To Close 125 Locations; Wisconsin Stores Among Threatened

MILWAUKEE, WI — Macy’s said Tuesday it plans to close 125 stores over the next three years, a move that could affect stores in Wisconsin. Image Via Shutterstock

Macy’s said Tuesday it plans to close 125 stores over the next three years, representing a fifth of the retail giant’s locations, according to a report. The news comes on the heels of a similar announcement made in January when the company said it would close at least 28 stores.

While it was unknown which locations will be shuttered in this latest round of closings, the news could impact several of the Macy’s stores in Wisconsin.

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. Macy's has four stores in Wisconsin:

• Greendale: Southridge Mall
• Wauwatosa: Mayfair Mall
• Madison: Hilldale Shopping Center
• Appleton: Fox River Mall

Macy's has already closed two stores in Wisconsin. One, at the Oakwood Mall in Eau Claire, was the first one to close. A second Wisconsin closed at the end of 2017. That store is in the Valley View Shopping Center in La Crosse.

Related Reading

2020 Sees The Start Of Another Round Of Chain Stores Closing

• What's going on in Wisconsin? Find Out Here
• Want More News? Subscribe to our free newsletter service.
• Want to submit an article? It's easy.

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.

The 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.

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. However, when reached by Business Insider, a Macy’s representative did not comment on whether the latest stores were part of its planned closures from 2016.

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.