NORFOLK, Va. (WVEC) -- About 275 employees will be laid off when three local Macy's stores close in early 2016.
Stores affected are Chesapeake Square in Chesapeake, Peninsula Town Center in Hampton and Military Circle Mall in Norfolk.
The store closings are one of several cost-efficiency measures needed to reduce expenses, company officials said Wednesday.
“In light of our disappointing 2015 sales and earnings performance, we are making adjustments to become more efficient and productive in our operations," said Terry J. Lundgren, chairman and chief executive officer of Macy’s, Inc. “In today’s rapidly evolving retail environment, it is essential that we maintain a portfolio of the right stores in the right places. So we will continue to add stores selectively while also being disciplined about closing stores that are unproductive or no longer robust shopping destinations because of changes in the local retail shopping landscape.”
Company officials say eligible full-time and part-time associates who are laid off due to the store closings will be offered severance benefits.
A total of 40 Macy’s stores will be closing across the country.
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