Macy's said its accelerating the number of stores it plans to close this year as it works to turn around the struggling business. It is aiming to close 150 stores in three years.
Macy's, which launched a comprehensive strategy to revive its struggling business, announced Wednesday that it is accelerating its planned store closures for the year. CEO Tony Spring told analysts during an earnings call that Macy’s now expects to close about 65 locations this year, up from its previous forecast of 50 announced at the start of the year. However, Spring added that the "closures will occur post holiday.
And the reason that's important is because in an omni-business, we continue to see that when we have a physical presence and a digital presence by far, we have the best economics." MACY'S WILL CLOSE THESE FIVE STORES FOLLOWING LAYOFFS OF MORE THAN 2,300 EMPLOYEES The company previously announced it would be down to 350 stores once all the planned closures are implemented. It also said it would simultaneously add approximately 45 Bloomingdale's and Bluemercury locations.
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