The department store operator announced on Tuesday that EVP and chief financial officer Paula Price will be leaving the company as of May 31, 2020, and revealed that it has begun an external search for her replacement.
With North American retailers implementing store closures to combat the spread of Covid-19 since the weekend, Tuesday’s announcements have come from the likes of Macy's, Ralph Lauren, AEO, Foot Locker and Tapestry.
Macy’s Inc said on Tuesday it plans to close 125 of its least productive stores over the next three years to tackle slowing mall traffic and will slash more than 2,000 corporate jobs as a part of a cost-savings effort.
The Cincinnati-based department store operator reported slight declines in same-store sales over the holiday period on Tuesday, and announced the upcoming closure of 28 Macy’s locations and one Bloomingdale’s store.
Macy’s Inc cut its annual profit forecast for the second time this year on Thursday, blaming weak international tourism, warm weather and sluggish mall traffic for the first drop in same-store sales in two years.