Macy's To Close About 125 Stores Over Next 3 Years

CHICAGO (CBS) -- Macy's announced Tuesday that it plans to close about 125 stores over the next three years.

But the retailer did not specify which stores would close or even the states where in the country they are located, and said no information on that subject would be released until Wednesday, when the company meets with investors.

Macy's said it conducted an assessment of each store's overall value – including predicted profitability based upon consumer trends and demographics. Following the assessment, Macy's decided to close about 125 of its least productive stores over the next three years – including 30 stores that are in the process of closing now.

Last month, Macy's announced the closing of 28 Macy's stores and one Bloomingdale's store around the country.

The stores Macy's is closing account for about $1.4 billion in annual sales.

Meanwhile at the stores that will stay open, Macy's is reducing staffing at some and increasing staff at others.

Macy's Inc. will also streamline its organization, with a net reduction in its corporate and support function staffers amounting to about 2,000 positions.

Macy's Chicago flagship store is the onetime Marshall Field's flagship at 111 N. State St. downtown. There is also a Macy's location in the Water Tower Place at 835 N. Michigan Ave.

Macy's also operates stores in Aurora, Bolingbrook, Calumet City, Gurnee, Joliet, Northbrook, Oak Brook, Orland Park, Schaumburg, Skokie, Vernon Hills, and West Dundee; as well as Merrillville, Indiana.