Macy's Announces Plans to Close 100 Stores
Posted on August 11, 2016
Macy's has announced plans to close 100 of its full-line stores. The retailer currently has a total of 675 full-line locations. The announcement is part of Macy's plans to enhance shareholder value and strengthen the Macy's brand.Terry J. Lundgren, Macy's, Inc. chairman and CEO, says in a statement, "We operate in a fast-changing world, and our company is moving forward decisively to build further on Macy's heritage as a preferred shopping destination for fashion, quality, value and convenience. This involves doing things differently and making tough decisions as we position ourselves to serve customers who have high expectations of their favorite stores, online sites and apps."
Macy's say in its release that it will retain a bricks-and-mortar presence in 49 of the top 50 U.S. markets. It plans to focus on improving its better-performing locations. Macy's says the locations of the closing stores will be announced in a future release.