CINCINNATI (WKYT) - Department store chain Macy's plans to cut costs by $550 million by cutting jobs and closing stores, including two in Kentucky.
Macy's is closings its stores at Greenwood Mall in Bowling Green, which opened 1980 and employs 63 people, and Jefferson Mall in Louisville, which opened in 1979 and employs 52 people.
"While we are pleased with the strong performance of our highly developed online business, as well as the progress we have made on selling and visual presentation programs and expense reduction initiatives in 2016, we continue to experience declining traffic in our stores where the majority of our business is still transacted," said Terry J. Lundgren, chairman and chief executive officer of Macy's, Inc.
The company estimates the store closures and other cuts will eliminate 3,900 employees.
Macy's also announced Wednesday it intends "to opportunistically close approximately 30 additional stores over the next few years as leases or operating covenants expire or sale transactions are completed."