Macy’s is eliminating more than 10,000 jobs as they plan to close 68 stores after a disappointing holiday shopping season.
The company said it plans to close the 68 stores by midyear.
Among those scheduled to close are the Macy’s store in the Fort Steuben Mall in Steubenville and the Macy’s inside the Washington Crown Center in Washington, Pennsylvania, according to the Wall Street Journal.
The company plans to restructure parts of its business and sell some properties. The moves are estimated to save $550 million annually.
Shares in Macy’s fell more than 8 percent in after-hours trading.