Macy’s to Close 125 Stores, Shed 2,000 Corporate Jobs

Customers walk out of Macy's the day after the company announced that the 56 Burdines stores and the seven Macy's stores in Florida all will operate under the combined name of Burdines-Macy's in North Miami, Fla., on May 23, 2003. Joe Raedle/Getty Images

Macy’s says it is closing 125 of its least productive stores and cutting 2,000 corporate jobs as the struggling department store tries to reinvent itself in the age of online shopping.

The store closures represent about one fifth of Macy’s current total. The stores, which include about 30 that are in the process of closing, account for $1.4 billion in annual sales.