Macy’s is planning to close more stores by the end of January. According to the business publication Fast Company, the retailer will shut down 65 “underperforming” locations, which is 15 more than previously planned.
Scripps News reached out to Macy’s to find out which locations are being closed. We are awaiting a response.
Macy’s announced in February that it would close 150 stores over the next three years, resulting in a 3.5% reduction of its total workforce or roughly 2,350 employees.
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It billed the closures as a “bold new chapter” to combat declining sales.
Moving forward, there are plans to expand Macy’s portfolio of small-format retail stores, which are about a fifth of the size of its standard department stores, and modernizing the 350 locations it will keep open nationwide.
According to The Associated Press, Macy’s reported quarterly sales of $4.74 billion in November, which was slightly above $4.72 billion projection.
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