WOODLAND HILLS—Macy’s Inc. is closing 14 of their stores by spring 2015, two of those locations will be the department store and furniture gallery located at the Westfield Promenade shopping center in Woodland Hills.
The closure of the stores will affect approximately 1,300 employees. The chain is attempting to relocate these employees to other stores. The company is expected to provide those who are eligible with severance benefits.
By closing several of their stores, the chain will make annual savings of approximately $140 million. That money will be reinvested into technology and other amenities.
“Our business is rapidly evolving in response to changes in the way customers are shopping across stores, desktops, tablets and smartphones. We must continue to invest in our business to focus on where the customer is headed — to prepare for what’s next,” Macy’s CEO Terry Lundgren said in the statement.