Macy’s will shutter the Ballston Quarter store early this year along with four others as a cost-saving move.
The closure has long been expected since Arlington County signed off on plans to transform it into a 16-story mixed-use building with a total of 553 residential units, two levels of underground parking for residential use, and one other level for retail use, as well as a ground floor grocery store.
It expects clearance sales to last eight to 12 weeks, Axios reports.
In addition to the Ballston Quarter Macy’s at 685 N. Glebe Rd., stores will close in San Leandro, California; Lihue, Hawaii; Simi Valley, California; and Tallahassee, Florida, the Washington Business Journal reports.
Macy’s also will cut 13 percent of its corporate staff, or about 2,350 positions, according to The Wall Street Journal.
The downsizing and closures come as the retailer has been under pressure from activist investors who have launched a buyout bid.
Feature image, stock.adobe.com
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