Sixty-eight Macy's stores will close nationwide in the next few months as part of a sell-off the comany says will help "streamline its store portfolio, intensify cost efficiency efforts and execute its real estate strategy."
Five of those stores are in Florida, with three in the Tampa area and one in Oviedo.
Macy's announced it will close the following Florida stores:
- Lakeland Square, Lakeland, FL
- Oviedo Mall, Oviedo, FL
- Sarasota Square, Sarasota, FL
- University Square, Tampa, FL
- CityPlace, West Palm Beach, FL
Macy's says the 68 closures are part of the 100 store closings the department store announced would happen last August.
Macy's believes 3,900 full and part-time associates will be "displaced" by the closings, but it hopes to offer positions to those workers at nearby stores "where possible."
The company also said it plans to restructure parts of its business and sell some properties. This will lead to the reduction of 6,200 jobs.
Overall, Macy's said, the job reductions represent about 7 percent of its workforce.
The company says the closures will help the company save $550 million in annual expenses. Macy's will instead put $250 million into growing the digital business, store-related growth strategies, and subsidiaries like Bluemercury and Macy's Backstage.
A full list of store closures around the country can be found on the Macy's website.
Macy's posted disappointing post-holiday sales figures Wednesday. Sales for November and December combined fell 2.1 percent compared to 2015. The company expects a full-year sales decrease of 2.5 percent to 3 percent.
Information from the Associated Press contributed to this report.