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.
Wednesday, Q3 2024 Financial report“We expect to close approximately 65 stores this year, which is higher than our prior expectations of 55 stores and 50 stores at the beginning of the year,'' Adrian Mitchell, chief financial officer and chief operating officer, said in a statement.
“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 only have 350 stores. 1,100 It was in 2008, according to daily mail.
The popular department store's third-quarter sales also fell 2.4%, company officials said Wednesday.
Compounding the negative results was the following announcement by a Macy's employee, made just the day before the earnings report was originally scheduled to be released on November 26th.intentionally hidden It would cost up to $154 million over three years,” Barron's said.
The company's shares fell more than 12% after the results were announced, but had “mostly recovered” by Thursday afternoon, the newspaper reported.
However, the stock price is still down 15% this year.
