Posted 2/27/2024, 12:22:30 PM
Macy's to Close 150 Stores and Open 85 New Ones as Part of Turnaround Plan
- Macy's is closing 150 underperforming stores by 2026 and will prioritize investment in 350 locations as part of a "bold new chapter" turnaround plan
- The company will focus on expanding its more successful Bloomingdale's and Bluemercury luxury brands by opening 85 new stores
- The plan aims to boost Macy's stock price and sales which have struggled in recent years due to competition and changing consumer demands
- Macy’s recently laid off 2,350 employees, about 3.5% of its workforce, as part of its restructuring
- The strategy will improve Macy's digital capabilities and merchandise offerings to provide better value and experiences for customers