US department store chain Macy’s is laying off around 3.5 percent of its workforce and even planning to shut down five of its stores.
The 3.5 percent is likely to hit 2,350 jobs.
“As we prepare to deploy a new strategy to meet the needs of an ever-changing consumer and marketplace, we made the difficult decision to reduce our workforce by 3.5% to become a more streamlined company,” a Macy’s spokesperson told CNN.
In 1858, Macy’s started its journey with a small dry goods shop that opened on the 14th Street and 6th Avenue in New York City.
The brand has been operating for 150 years.
Stock prices likely a factor in recent developments
Macy’s stock price has dropped 75% from a peak of $73 a share in 2015. Since then, it has closed nearly 300 stores — almost one third of its stores — and operates about 700 across its brands, reports CNN.