Macy's headquarters in Minneapolis to close
The Macy's headquarters in Minneapolis will close, laying off 950 employees, said Macy's Inc. on Wednesday, according to the Star Tribune.
The retailer announced that a $150 million consolidation was necessary due to slowing sales in recent months, and earnings would be below Wall Street estimates in the coming fiscal year, as shares fell nearly 5 percent. The consolidation will lay off 2,300 management positions nationwide, including the Minneapolis headquarters in Nicollet Mall. This is one of the biggest cuts in the area in recent years. Post Bulletin.
Macy's Chief Executive Terry Lundgren said the new consolidation is the right structure. "We think it is one that will get us back to the place where we can take market share and grow our business back," he said. Post Bulletin.