WASHINGTON (dpa-AFX) - Macy's, Inc. (M) announced three-year Polaris Strategy to lower costs, and stabilize profitability. The company is streamlining organization with a net reduction in its corporate and support function headcount of 9%, or approximately 2,000 positions. The company plans to close approximately 125 of its least productive stores over the next three years, including approximately 30 stores that are in the process of closure now.
Macy's said New York City will become its sole corporate headquarters. The company will be closing its San Francisco, downtown Cincinnati and Lorain, OH offices. The macys.com headquarters will relocate from San Francisco to New York City.
Macy's is also testing a new store format, Market by Macy's, which is smaller than an average Macy's store and will be located off-mall in lifestyle centers. The company will open its first Market by Macy's in Dallas on February 6, 2020.
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