U.S. department store giant Macy's said Thursday it would shut 14 stores, cutting more than 1,300 jobs, in a restructuring to boost its focus on the boom in online shopping. The affected stores, a small fraction of the company's roughly 790 stores across the country, will be closed within several months, Macy's said in a statement after the markets closed. Macy's also announced it would open two new stores in California. The stores to be shuttered generate about $130 million in annual sales, "some of which is expected to be retained in nearby stores and with online/mobile sales," the Cincinatti, Ohio-based company said. The closings will eliminate 1,343 jobs, but Macy's said it expected that it will maintain its current staffing level of 175,000.
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