Macy’s announced it intends to close about 66 more stores, up from the estimate of 50 to 55 locations that would be shut when corporate leaders announced the initial round of shutters in early 2024.
However, he said they decided to close more stores while the “deal-making environment remains favorable.” The company has said fast-tracking the timeline of closures is good news for its financial health, as it will be able to monetize the process through real estate agreements.
The Macy’s locations that will be closed
Macy’s Chief Financial Officer Adrian Mitchell said the company will only close underperforming locations.
“These are places where the economics are not as favorable. These are places where customers have shifted away from those centers to shop, and these are stores that are just incredibly difficult to run,” said Mitchell.
All 66 locations scheduled for closure are stores that were already included in Macy’s earlier plan to shut down 150 sites by 2026.
The company has not yet released the dates for the closures. In a statement made early Friday, Mitchell noted that the closures aim to “restore the company to sustainable and profitable sales growth.”
Macy’s is one of several retailers impacted by changing consumer behaviors and the growth of online shopping, particularly following the COVID-19 pandemic.
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