Macy's to close 150 stores in the US

Macy's to close 150 stores in the US

After a fourth-quarter deficit and falling sales, Macy's will eliminate 150 underperforming shops, including 50 before year's end.

The firm did not give a list of outlets to be shuttered, but its new plan prioritizes investment in 350 sites and increasing small-format stores through 2026.

The closing Macy's locations account for less than 10% of revenues, the firm claimed.

Macy's forecast was modest despite adjusted net profits and revenue exceeding Wall Street projections.

"We are making the necessary moves to reinvigorate relationships with our customers through improved shopping experiences, relevant assortments and compelling value," said Macy's CEO Tony Spring, who succeeded Jeff Gennette earlier this month.

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