Macy's Is Cutting Thousands of Jobs and Shutting Down 125 Stores Nearly 2,000 corporate jobs will be slashed, which is about nine percent of the branch.
Macy's also says that the store closings will take place during the next three years.
The changes stem from the company's future plans to enhance online business and expand outside of physical malls.
Macy's is also looking to soon open 50 more of its Backstage stores.
According to CNBC, the chain is depicting 2020 as a "transitional" period.
Due to store closures, Macy's is expecting revenue to decrease in the fiscal year.
Macy's CEO Jeff Gennette, via statement Macy's CEO Jeff Gennette, via statement