Macy's Announces Plans To Reorganize, Close 125 Stores

NEW YORK (CBSNewYork) -- Macy's will close one-fifth of its stores as part of its plan to reinvent itself in the age of online shopping.

The struggling department store says 125 of its "least productive" stores will close, and 2,000 corporate jobs will be cut.

Macy's will also close its offices in Cincinnati and San Francisco, leaving New York as its corporate headquarters.

It's unclear how many jobs will be lost at each of the shuttered stores.