Macy’s Cutting Jobs and Closing Stores
I’ll be the first to admit, I know very little about big business and understand even less about it. This situation was magnified today by the announcement that after a fairly successful Christmas shopping season, retailer Macy’s is planning on cutting 2,500 jobs and closing 5 stores!
This is, in the business world, what is commonly referred to as a “reorganization plan”. In the real world this is called putting hardworking people out of a job so that a retailer’s bottom line is more attractive. This makes company shareholders very happy. This makes people trying to make ends meet, miserable.
In yet another bewildering move, along with the aforementioned job cuts and store closures, Macy’s is announcing that it will open 8 stores in other locations. Uh–what? This profitability reorganization should save the company about $100 million bucks a year, making them look nicely profitable this year.
How or will this affect our Sioux Falls Macy’s store? Thankfully it won’t but that is cold comfort to the people in the locations which are being closed.