The Cincinnati-based company said Wednesday it will close 68 stores, affecting about 3,900 positions nationally.
EL CENTROÂ â€”Â Macy’s, Inc. announced plans Wednesday to close dozens of its stores across the country as part of a company-wide cost-cutting maneuver, but its store in Imperial County was spared, according to store officials.
The Cincinnati-based company said Wednesday it will close 68 stores, affecting about 3,900 positions nationally, as the result of a long-planned reorganization. The closures are part of the 100 closings announced in August.
The company also plans to streamline its corporate operations, affecting 6,200 jobs.
The Macy’s store in Imperial County is located at the Imperial Valley Mall in El Centro.
Macy’s Chairman and CEO Terry J. Lundgren pointed to declining in-store traffic and a need to refocus the business on online sales as primary factors in the nation-wide closures.
“As we’ve noted, it is essential that we maintain a healthy portfolio of the right stores in the right places,” Lundgren said. “Our plan to close approximately 100 stores over the next few years is an important part of our strategy to help us right-size our physical footprint as we expand our digital reach.
We are closing locations that are unproductive or are no longer robust shopping destinations due to changes in the local retail shopping landscape, as well as monetizing locations with highly valued real estate,” he said. “These are never easy decisions, and we are committed to treating associates affected by these closings with respect and transparency.”
Macy’s said in a statement that the closures were “estimated to generate annual expense savings of approximately $550 million, beginning in 2017, enabling the company to invest an additional $250 million in growing the digital business, store-related growth strategies, Bluemercury, Macy’s Backstage and China.”
In the San Diego area, Macy’s will close its Westfield Mission Valley store by the end of the year, the retailer announced. The Macyâ€™s in Palm Desert will remain open.