Macy’s is selling the three buildings it occupies on Nicollet Mall in downtown Minneapolis. New York-based The 601w Companies is paying north of $40 million for the property which it plans to convert into office space with retail on the ground level, according to Star Tribune.

Macy’s plans to close 63 stores this spring and another three dozen over the next several years, according to Crain’s Chicago Business. The retailer anticipates a $575 million drop in 2017 sales as a result of the store closures but also expects to save about $550 million. Macy’s will lay off about 10,000 workers this year including 6,200 management positions. It currently has about 158,000 employees.
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Nicollet Mall – Photo: Sam Black (MSPBJ)

Last Updated on January 5, 2017 by Ramin Seddiq