Macy’s is shutting down more stores than it first declared this year.
The department store chain is anticipated to close 65 locations by the end of the year, up from the 50 outlets it stated it would close by the end of the fiscal year in February, according to the company’s third quarter earnings report.
“We now expect to close roughly 65 locations this year,” Tony Spring, the CEO of Macy’s, stated during the Q&A session. “In line with our typical cadence, closures will occur post holiday.”
In February, the retail behemoth said that it would prioritise investments in 350 “go-forward” stores while closing 150 “unproductive” stores, or around 30% of all its sites, by 2026. Additionally, Macy’s stated at the time of the transition,entitled “A Bold New Chapter,” will enable it to prioritise other stores and concentrate its resources.
