Macy's is cutting jobs and closing stores, after what the retailer says was a disappointing 2015 in terms of sales and earnings.
Two stores in Northeast Ohio are on the chopping block. The Macy's in Chapel Hill Mall, in Akron, and Midway Mall, in Elyria, will both be closing.
The company plans to close 36 stores this spring. Four other locations were closed last year.
November and December were particularly rough for the department store chain. A look at the company's stock tells the story.
During the last 12 months, stocks fell more than 40 percent.
At Midway Mall, another store front already sits vacant. The mall will take another hit with the loss of Macy's.
But the retailer isn't giving up. To right the ship, Macy's is cutting costs by $400 million each year, beginning this year.
About 3,000 associate, back office and call center jobs are being eliminated, as well as 165 senior executive positions.
It's a tough battle for survival in a world where online retail is becoming more and more of a go-to for shoppers.
The department store chain currently owns 800 stores nationwide.
The Chapel Hill Mall location opened in 1967. It has 91 associates. The Midway Mall location opened in 1990. It has 64 associates.
Sales will start Monday, Jan. 11.
