Macy's to close 11 stores in next few weeks, 5K jobs cut

Jan. 4 (UPI) -- Macy's announced Thursday that it will close 11 locations in the coming weeks, resulting in the loss of more than 5,000 jobs.

Macy's had previously disclosed the closing of four stores, but added seven more to the list Thursday.

"The company expects annual expense savings of $300 million from these actions beginning in fiscal-year 2018, which it intends to reinvest in the business," the company said in a statementt.

Macy's also said it plans to close more stores soon.

"These closures are part of a multi-year effort by the company to ensure the optimal mix of brick & mortar stores and digital footprint. Including the stores announced today, Macy's, Inc. has closed 124 stores since 2015," the company said.

Macy's said it posted solid earnings over the past year, including a high-volume holiday season. But GlobalData Retail analyst Neil Saunders told USA Today that the cuts "underscore the need for more surgery to restore the business to health."

Below is a full list of the stores that will close within the next few weeks. Exact dates have not been announced but clearance sales at most locations to be closed will begin on Jan. 8.

Laguna Hills Mall, Laguna Hills, Calif.

Westside Pavilion, Los Angeles, Calif.

Novato (Furniture), Novato, Calif.

Stonestown Galleria, San Francisco, Calif.

The Oaks, Gainesville, Fla.

Miami (Downtown), Miami, Fla.

Magic Valley Mall, Twin Falls, Idaho

Honey Creek Mall, Terre Haute, Ind.

Birchwood Mall, Fort Gratiot Township, Mich.

Fountain Place, Cincinnati, Ohio

Burlington Town Center, Burlington, Vt.