The Macy's store front in Manhattan.
(Image credit: Drew Angerer/Getty Images)

Macy's plans to shutter 125 of its stores over the next three years, with 30 set to close in 2020, The Wall Street Journal reports.

The company will also cut 2,000 corporate jobs. "Our goal is to reclaim and revitalize what a department store should be," Macy's CEO Jeff Gennette told the Journal. "Department stores are still vital if they are done right. There is viability to having many categories and brands under one roof." Competition is fierce in the retail world, with Macy's having to face successful online rivals like Amazon and discount stores like Marshalls.

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Catherine Garcia, The Week US

Catherine Garcia has worked as a senior writer at The Week since 2014. Her writing and reporting have appeared in Entertainment Weekly, The New York Times, Wirecutter, NBC News and "The Book of Jezebel," among others. She's a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.