Department store chain Macy’s Inc. (NYSE:M) confirmed the closure of 66 stores as part of its “Bold New Chapter” strategy.
Announced in February 2024, this strategy aims to improve profitability by eliminating underperforming locations and focusing resources on its more successful stores.
The closures are part of a broader plan to shutter approximately 150 unproductive stores in three years while investing in its 350 go-forward locations through 2026.
The decision comes as the company seeks to adapt to the evolving retail landscape, where consumers demand both seamless in-store and online shopping experiences.
Also Read:
“Closing any store is never easy, but as part of our Bold New Chapter strategy, we are closing underproductive Macy’s stores to allow us to focus our resources and prioritize investments in our go–forward stores, where customers are already responding positively to better product offerings and elevated service,” said Chairman and CEO Tony Spring.
In December, Macy’s disclosed the results of its investigation into a major accounting error that affected its financial reporting for multiple years.
As a result, a single employee’s recurring mistakes and subsequent attempts to conceal them resulted in $151 million worth of expenses being falsely recorded.
Following the accounting scandal, the company slashed its FY24 adjusted EPS and sales guidance.
Price Action: M shares are trading lower by 0.50% at $15.95 in premarket at the last check Friday.
Read Next:
- UBS Prepares To Settle Tax Evasion Violations By Credit Suisse: Report
Photo via Shutterstock.
