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(CINCINNATI) — Macy's closed its corporate headquarters in downtown Cincinnati as part of its plan to shutter about a fifth of its retail locations nationwide.

The retail giant announced this week the major restructuring that includes the elimination of 2,000 corporate jobs and the closure of 125 stores in the next three years.

Macy's said the majority of its roughly 500 employees in the Ohio headquarters will be relocated to Springdale. The company will add another 600 new jobs in Mason, where it operates a call center that is growing because of a closure in Arizona.

"We will focus our resources on the healthy parts of our business, directly address the unhealthy parts of the business and explore new revenue streams," CEO Jeffrey Gennette said in a statement Tuesday.

Macy's has been shrinking its commitment in Cincinnati over the past few years, with its downtown store closing in 2018 and the store at Northgate Mall expected to close by the end of March.

Cincinnati Vice Mayor Christopher Smitherman estimated the Macy's headquarters loss will cost the city about $50,000 in annual earnings tax revenue.

"This departure, while disappointing, is indicative of a changing retail industry and how they must adapt," Smitherman said. "It will not stop our City's continued growth."