Macy's to close 14 locations, possibly open off-price retail stores

Macy's says that while it plans on opening two new locations, it will also close 14 of its more than 800 stores as more and more of its customers change the way they shop.

Macy's estimates that it will save about $140 million due to the closures, and will invest the money back into the company. Although 2,200 people will be laid off, Macy's says it will hire about the same number of new employees, including 150 people in its San Francisco online division.

The retailer is looking ahead and trying to keep up with its shoppers, who often purchase items online. Macy's also says it is interested in starting an off-price business similar to TJ Maxx or Ross, The Associated Press reports, and last year tested same-day product delivery in some markets and a mobile shopping app. "We must continue to invest in our business to focus on where the customer is headed — to prepare for what's next," said Macy's Chairman and CEO Terry J. Lundgren.

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