More Macy's closures could be coming to Central Mass.
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The Macy's at Solomon Pond Mall in Marlborough
Macy’s is set to close its Leominster retail store this year, but the fate of the four others in Central Massachusetts is unclear.
This week, the New York-based retailer said it will shutter another 125 of its least productive stores over the next three years as the struggling chain tries to compete with online shopping.
These stores account for $1.4 billion in annual sales, the company said in a U.S. Securities & Exchange Commission filing.
The company said it planned to cut 2,000 corporate jobs, or 9% of its workforce, at its corporate offices in Cincinnati and San Francisco. The announcement did not name the specific locations. Macy’s operates stores in Auburn, Framingham, Marlborough, and Natick.
Last month, Macy’s said it planned to close 26 stores, including the one at The Mall at Whitney Field in Leominster.
The department store giant operates 680 stores under the Macy’s and Bloomingdale’s name in 43 states. It employs about 130,000 people. The company did not specify how many jobs would be lost at the shuttered stores.
On Tuesday, the company said it has evaluated Macy’s store portfolio, which included an assessment of each store’s overall value, including projected profitability based on consumer trends and demographics.
In its SEC filing, Macy’s said it is testing a new store format, dubbed Market by Macy’s. This new format is smaller than an average Macy’s store and will be located in lifestyle centers. It will feature a mix of Macy’s merchandise and local goods, as well as local food and beverage options and community events. Its first Market by Macy’s is expected to open Thursday in Dallas.
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