Macy's To Close 125 Stores, Lay Off 2,000 Corporate Employees

Macy's announced a three-year restructuring plan to close 125 underperforming stores and cut 2000 corporate jobs. The company will consolidate its headquarters in New York City, closing offices in Cincinnati, San Francisco, Lorraine, and Tempe. CEO Jeff Gannett emphasized the need for structural changes to reduce costs and improve efficiency. Macy's faces challenges in staying relevant as consumer preferences shift towards online shopping.

What is the primary goal of Macy's three-year restructuring plan?

• To expand its store locations

• To position itself for growth

• To increase product prices

• To hire more employees

How many corporate jobs does Macy's plan to cut as part of its restructuring?

• 2500

• 2000

• 1500

• 1000

Which city will become Macy's single headquarters location?

• San Francisco

• Cincinnati

• New York City

• Tempe

What is one of the reasons Macy's CEO Jeff Gannett gives for the restructuring?

• To lower costs and reduce duplicative work

• To increase product variety

• To expand into international markets

• To improve employee benefits

What challenge has Macy's faced in recent years according to the CEO?

• Decreasing store sizes

• Rising costs of raw materials

• Increasing competition from local stores

• The shift of consumer attention to online shopping