Macy’s , to Close 150 Stores, Nationwide.
NBC News reports that the retailer announced
a “bold new chapter” as part of a massive reorganization plan. .
This plan includes closing
“underproductive” locations, with 50 stores
closing by the end of Macy’s fiscal year. .
The company also revealed their plans to pivot to luxury sales,
with a greater focus on Bloomingdale’s and Bluemercury, which
they have called “outperformers” within their portfolio. .
Over the next three years, Macy’s will open 15 new Bloomingdale’s stores, at least 30 new Bluemercury stores, and roughly 30 Bluemercury remodels.
We are making the necessary moves to reinvigorate relationships with our customers through improved shopping experiences, relevant assortments and compelling value. , Macy's CEO Tony Spring, via NBC News.
The company has been under pressure from investor activists for an outright sale due to consistent underperformance.
According to NBC News, Macy’s real estate
is often considered their most valuable asset.
Shares traded more than 2% lower in
premarket action after the announcement.