Macy's to Lay Off 2,350 Employees and Close Five Stores

The move is part of a new strategy to meet changing consumer needs and comes amid pressure from investors for a $5.8 billion buyout.

Macy's is laying off 2,350 employees, which is about 3.5% of its workforce, and closing five stores as part of a new strategy to meet the needs of the changing consumer and marketplace.
The layoffs will affect both corporate and store employees, with the majority being corporate staff.
The five stores to be closed are located in Arlington, Virginia; San Leandro, California; Lihue, Hawaii; Simi Valley, California; and Tallahassee, Florida.
The company plans to invest in improving the aesthetics of its department stores and its digital presence, and to increase automation within its supply chain.
The layoffs and store closures come as Macy's faces pressure from investors who have launched a $5.8 billion bid to take the company private.