Macy's announces 5,000 job cuts, more store closures

Macy's is shutting down 11 stores and laying off 500 employees.

The closures are part of a plan announced in August 2016 to shut down 100 stores, or about 15% of Macy's store base at the time. As of Thursday, 81 of those 100 stores were either closed or announced to be closed.

Macy's will close another 19 stores — on top of the 11 announced Thursday — as their leases expire, the company said.

"Macy's, Inc. has been reviewing its real estate portfolio across the country to see if there are opportunities to improve the use of our assets," Macy's said in a statement to Business Insider. "While closing a store is always a difficult decision because of the impact on our customers, our associates and the community, we deeply appreciate the loyalty of our customers and associates."

The company said regular, non-seasonal employees who are laid off and unable to find a job at nearby Macy's stores will be eligible for severance.

Final clearance sales will kick off January 8 and last eight to 12 weeks.

After the upcoming round of closures, Macy's will have fewer than 600 stores, down from nearly 800 in 2014.

Here's a list of the closures:

• Laguna Hills Mall, Laguna Hills, Calfornia

• Westside Pavilion, Los Angeles, Calfornia

• Novato (Furniture), Novato, Calfornia

• Stonestown Galleria, San Francisco, Calfornia

• The Oaks, Gainesville, Florida

• Miami (Downtown), Miami, Florida

• Magic Valley Mall, Twin Falls, Idiaho

• Honey Creek Mall, Terre Haute, Indiana

• Birchwood Mall, Fort Gratiot Township, Michigan

• Fountain Place, Cincinnati, Ohio

• Burlington Town Center, Burlington, Vermont