Macy's Announces Closure of 5 Stores and Layoffs for Over 2,000 Employees

Macy's is laying off about 3.5% of its workforce, or roughly 2,350 employees, and closing five stores as part of its efforts to adapt to the changing retail landscape. The affected stores are located in Virginia, California, Hawaii, and Florida. The company has been struggling against rising competition and a shift in consumer behavior towards online shopping, leading to a significant drop in its stock price and the closure of nearly 300 stores since 2015.