A Major Retailer Will Close Five Mall Anchor Stores And Cut 3.5% Of Jobs
Macy’s unveiled a strategic restructuring strategy as a major step in reviving its image and adjusting to the constantly shifting retail scene. The venerable department store chain plans to close five of its full-line locations and reduce staff by 3.5%. This occurs as incoming CEO Jeff Gennette’s successor, Tony Spring, a new leader with new ideas, gets ready to assume over.
A corporate spokeswoman acknowledged the employment reduction, citing the necessity to become a more nimble and efficient organization in order to meet changing market and customer needs. This action is in line with Macy’s resolve to maintain its leadership in the cutthroat retail sector.
It is noteworthy that activist investors hoping to profit from Macy’s real estate holdings had made a bid that the retailer had been considering. Tony Spring will soon take over as CEO, thus this reorganization may indicate that Macy’s will once again prioritize its core competencies and long-term growth plans.
The outgoing CEO, Jeff Gennette, had earlier stated that the major shop reductions that had been going on since 2016—which included the closure of over 170 locations—had come to a stop with the announcement of the closures a year ago. Analysts for the sector have speculated that there may be more closures to come.
Increased presence in smaller, off-mall sites is one of Macy’s proactive efforts. In order to accommodate changing consumer tastes, executives have stressed the significance of striking the correct balance between in-store and off-mall establishments. Five full-line stores will be closed in the upcoming year as part of a broader initiative to maximize Macy’s shop portfolio.
The first publication to report on these changes was The Wall Street Journal, which referenced an internal memo to staff members that disclosed intentions to remove some 2,350 corporate roles in the upcoming month. Initiatives like supply chain automation, outsourcing, and quicker decision-making procedures targeted at boosting competitiveness and efficiency are predicted to be the main drivers of these reductions.
Apart from shutting down its locations, Macy’s is also planning to sell and move two of its furniture stores. This calculated move demonstrates Macy’s dedication to maximizing its asset base and reallocating funds where they will have the biggest impact.
The Macy’s anchor stores in the impacted malls—which are situated in Virginia, Florida, Hawaii, and California—will close. Although there may be some short-term interruptions, this is in keeping with Macy’s goal of building a network of stores that is more dynamic and effective.
Macy’s is setting out on this revolutionary journey with a conservative mindset, intent on upholding its heritage while adjusting to the reality of the new retail environment. Tony Spring’s new team is well-positioned to lead the business into a more promising future and maintain Macy’s position as a mainstay of American retail.
It will be interesting to watch how these developments pan out and how Macy’s redefines its position in the cutthroat retail market as this retail behemoth keeps changing. Watch this space for further information about Macy’s makeover and its attempts to remain competitive in the retail industry.
The Corpse of Drew Barrymore’s Grandfather Was Stolen for One Last Celebration
John Barrymore came from a long line of theater actors. He himself first appeared on stage alongside his father in 1900, and in 1903 officially began his career, starring in the likes of Justice (1916) and Richard III (1920). His greatest role was his 1992 appearance in Hamlet, for which he was dubbed “the greatest living American tragedian.”
Barrymore also starred in a slew of silent films, most notably Dr. Jekyll and Mr. Hyde (1920), Sherlock Holmes (1922) and Beau Brummel (1924). He later made the transition to sound movies, starring in the likes of Grand Hotel (1932) and Midnight (1939).
On May 29, 1942, Barrymore died at the age of 60 from pneumonia and cirrhosis. What happened next has been the subject of many rumors. It’s alleged his friends, Errol Flynn, W.C. Fields and Sadakichi Hartmann snuck into the morgue where his body was being held, propped him up against a poker table and allowed him to experience one final celebration.
As it turns out, these rumors are true! In an August 2020 episode of the popular YouTube series Hot Ones, the acting legend’s granddaughter, Drew Barrymore, revealed his corpse had actually been stolen.
“Not only yes, but there have been cinematic interpretations of it,” she exclaimed. Those interpretations include S.O.B., starring Julie Andrews, and allegedly the 1989 comedy Weekend at Bernie’s, in which two friends pretend their deceased boss is alive.
Barrymore added that she wants the same to happen to her. “I will say this, I hope my friends do the same for me. That is the kind of spirit I can get behind. Just prop the old bag up, let’s have a few rounds.
“I think death comes with so much morose sadness and I understand that, but if it’s okay, just for me, if everybody could be really happy and celebratory and have a party, that would be my preference.”
Vintage Hollywood certainly was a different era…
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