Macy Stores Closing
Macy's Inc. has announced the closure of 66 stores across the United
States as part of its "Bold New Chapter" strategy, aiming to shutter
150 underperforming locations over three years.
Details of the Closures
The affected stores span nearly two dozen states, including nine in both
New York and California, and seven in Florida. Notably, the historic
Philadelphia City Center store, located in the iconic Wanamaker Building, is
slated to close in March 2025.
Rationale Behind the Decision
This move is part of Macy's broader initiative to modernize operations
and focus on more profitable locations. The company plans to invest in 350
"go-forward" stores through fiscal 2026, enhancing product offerings
and elevating service to better meet customer expectations.
Impact on Employees and Communities
While the exact number of employees affected remains unclear, Macy's has
stated that it will offer severance and other support to those impacted by the
closures. The company acknowledges the challenges these closures present to
local communities and is committed to providing assistance during the
transition.
Financial Performance and Market Context
Macy's has faced declining performance, with its stock dropping over 15%
in the past year. In December, the retailer reduced its annual profit forecast
due to weak demand for apparel and shoes.
Future Outlook
Despite these challenges, Macy's remains focused on revitalizing its
brand and adapting to the evolving retail landscape. By concentrating resources
on its most successful locations and enhancing the customer experience, the
company aims to achieve sustainable, profitable sales growth in the coming
years.
Macy's Announces Closure of 66 Stores Nationwide
Macy's bosses reveal the 66 stores that are to close in weeks
& discount sales already underway
Department store operator Macy's to close certain stores across
US
Is a Macy's near you closing? Beleaguered department store is
closing 66 locations.
Sources
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