Macy's is starting the new year by announcing its plans to close several department stores throughout the country and lay off more than 2,300 employees.

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According to Daily News, Macy's has roughly 94,500 employees and 507 stores. Letting 2,300 employees go is only about 3.5% of the company's workforce.

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Macy's:

As we prepare to deploy a new strategy to meet the needs of an ever-changing consumer and marketplace, we made the difficult decision to reduce our workforce by 3.5% to become a more streamlined company.

How Many Macy's Stores Are Closing?

As of right now, Macy's is only planning to close five of its 507 stores.

After making the closure announcement, Michigan residents started to wonder if any local Macy's stores were at risk of closing. Fortunately, for now, Michigan stores are not at risk of closing.

What Macy's Stores Are Closing?

The stores impacted by closures, scheduled for early 2024, include mall locations in Arlington, VA; San Leandro, CA; Lihue, HI; Simi Valley, CA; and Tallahassee, FL.

It's not all bad news in the world of retail.

Walmart Raising Store Manager and Hourly Worker Pay

Despite the ongoing reports of various brick-and-mortar businesses closing, there is one company that is not only staying afloat but also increasing employee wages.

Walmart recently announced a salary increase for store managers, stating that it will raise the existing average manager salary from $117,000 to $128,000 starting February 1st.

Walmart will also raise the average hourly wage for front-line hourly employees to $18 next month, up from $17.50.