The Barron's Roundtable panel provides insight into investments in Macy's, Nordstrom, and Gilead Sciences.
Macy's, the famous retailer, plans to close five stores and lay off more than 2,000 employees, the Wall Street Journal reports.
WSJsaid the retail giant plans to lay off about 2,350 positions, or 3.5% of its workforce, citing a memo sent Thursday afternoon to employees and people familiar with the matter.
The company said the job cuts were in line with its business plan to further automate and streamline its supply chain.
According to the memo, the Journal said Macy's also plans to outsource some of its roles, but did not say what those roles would be.
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Shoppers head to a Macy's store in Boston's Downtown Crossing neighborhood on Wednesday, Nov. 17, 2021. Macy's Inc. reported third-quarter net income of $239 million on Thursday, Nov. 18, after reporting a loss in the same period a year ago. (AP Photo/Charles Krupa/AP Newsroom)
The company also said in the memo that it would close five Macy's stores and sell two furniture stores that it plans to relocate.
The store to be closed is located in Ballston Quarter in Arlington, Virginia. Bayfair Center, San Leandro, California. Kukui Grove Center, Lihue, Hawaii. Simi Valley Town Center, Simi Valley, California; and Governor's Square in Tallahassee, Florida.
People walk past a large Macy's sign on the building in front of the Macy's Herald Square store on October 8, 2021 in New York City. (Gary Hershawn/Getty Images/Getty Images)
The changes come as the company attempts to shift to appeal to a younger generation of shoppers.
In October, the retailer Expansion of small stores By opening 30 small stores across the United States
Macy's opens up to 30 small stores
The news follows an August announcement that the company would open four smaller stores ranging from 30,000 square feet to 50,000 square feet, about one-fifth of its traditional stores, in the Northeast and West regions. This is based on this.
The company is repositioning its portfolio to better adapt to the changing retail environment and compete with companies like Target, Nordstrom and Kohl's, which have added smaller stores in recent years.
A fitting room is seen at the newly opened Macy's store at Arroyo Market Square on Saturday, September 30, 2023 in Las Vegas, Nevada. (Macy's Inc.)
Big department stores have lost their edge in recent years, as the coronavirus pandemic devastated big-name brands like J.C. Penney and Neiman Marcus, both of which filed for bankruptcy protection in 2020.
Bed Bath & Beyond, once seen as a retail giant, has filed for Chapter 11. bankruptcy protection It was established in April last year after suffering mounting losses and failing several attempts to turn the business around.
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Macy's did not immediately respond to Fox News Digital's request for comment.
FOX News' Daniela Genovesa contributed to this report.
