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Macy's will close 150 stores over the next three years.
The 65 facilities are scheduled to close by the end of 2024.
Macy's, a major US department store chain, plans to close 65 stores by the end of 2024, and a total of 150 stores over the next three years.
“We expect to close approximately 65 stores this year, up from our initial 55 and 50 stores at the beginning of the year,” Adrian Mitchell, chief financial officer and chief operating officer, said on Wednesday's third-quarter 2024 earnings call. It has exceeded our expectations.”
“There will be closings after the shutdown,” Chairman and CEO Tony Spring said, adding that the move “brings us even closer” to a “more profitable Macy's.”
Macy's, which also owns department store chain Bloomingdale's and beauty store chain Bluemercury, has not yet announced which unprofitable stores it will close.
If 150 stores close by 2028, Macy's will have just 350 stores, down from 1,100 in 2008, according to the Daily Mail.
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