Macy’s, which has recently operated 16 stores in Maryland, has announced the permanent closing of some stores, including its locations at The Mall in Columbia and Westfield Annapolis.
The company announced details of a restructuring that will align its cost base with anticipated near-term sales as the business recovers from the impact of the COVID-19 pandemic, including the closure of stores from March 18 through May 4, 2020, and gradual reopening. The area stores at Marley Station, in Glen Burnie, and Bowie Towne Center appear to be staying open.
Macy’s will reduce corporate and management headcount by approximately 3,900. Additionally, Macy’s has reduced staffing across its stores portfolio, supply chain and customer support network, which it will adjust as sales recover.
“COVID-19 has significantly impacted our business. While the re-opening of our stores is going well, we do anticipate a gradual recovery of business, and we are taking action to align our cost base with our anticipated lower sales,” said Jeff Gennette, chairman and CEO of Macy’s. “These were hard decisions as they impact many of our colleagues. I want to thank all of our colleagues ― those who have been active and those on furlough ― for helping us get through this difficult time, and I want to express my deep gratitude to the colleagues who are departing for their service and contributions. We look forward to welcoming back many of our furloughed colleagues [during] the first week of July.”
“We know that we will be a smaller company for the foreseeable future, and our cost base will continue to reflect that moving forward. Our lower cost base combined with the approximately $4.5 billion in new financing will also make us a more stable, flexible company,” Gennette said.