Macy's says it is closing 125 of its least productive stores and cutting 2,000 corporate jobs.

According to the Associated Press, the store closures represent about one-fifth of Macy's current total.

The stores, which include about 30 that are in the process of closing, account for $1.4 billion in annual sales for the company.
 
Macy's didn't specify how many jobs would be lost at the shuttered stores.
 
21 News reached out to representatives from both the Eastwood Mall and Southern Park Mall, and they say they are not aware of any potential closures of the malls Macy's locations. 
 
Macy's will close offices in Cincinnati and San Francisco, leaving New York as its sole corporate headquarters.
 
The move announced Tuesday comes ahead of Macy's annual investor meeting, where CEO Jeff Gennette is expected to unveil a three-year reinvention plan.