Macy's to Close San Francisco Tech Office, 125 Stores
In a saga that continues for Macy's (NYSE: M), the department store chain is planning to close one of its major offices in San Francisco and 125 of its stores. This is another chapter in the company's efforts to drastically cut costs sales decline.
As first reported by Business Insider, Macy's will close the office in April. The San Francisco location includes tech and online groups as well as Macy's product and digital revenue divisions. Right now, there are over 1,000 workers there, 880 full time employees and 200 contract workers. A portion of them will have the option of being transferred to other company offices in New York or Atlanta, and the rest will lose their jobs and receive severance pay.
The retailer will also shutter 125 of its stores, which is approximately one fifth of its total retail footprint.
Source Fool.com
