macy said it would cut 400 jobs and shut down its stores and department stores across the country, as it seeks to cut costs amid the ongoing recession.

In a statement on Monday, it said it will close all of its locations and department store stores in the US and Europe by the end of the year and shuttered its online shopping sites.

The company said it has already made significant savings in the past few years and expects to save even more in the future.

Macy’s announced plans to cut its US workforce by 400 workers.

The company said this would help it to close all US stores by the beginning of the new year.

In its statement, the company said: “We are focused on reducing costs in the long term, and we plan to do so by closing stores, by shutting our online shopping and by laying off employees.”

Macy said its stores will remain open, but it will lay off 400 workers, cut more than 1,000 jobs in its US operations and close stores across Europe.

The US department store chain said it was looking to hire 500 people for its US stores.

Macy has been trying to cut staff levels and job losses as part of its plan to cut spending.

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