Jan. 10 (UPI) — Macy’s said on Thursday that it plans to close 150 stores in 22 states throughout the country for underperformance as the company’s next step in finding its way to profitability again.
Macy’s made the announcement in a news release on Thursday, naming 66 of the 150 stores and saying it will identify the remainder at a later date.
The company is calling the closings part of its “Bold New Chapter” strategy designed to return it to profitability, culling poorly performing stores and pouring resources into profitable locations. Store closures will take place nationwide, with nine closings in New York, eight in Florida and six in Texas.
Macy’s said it still wants to open 45 Bloomingdale and Bluemercury locations as it continues to cater to the luxury sector.
Tony Spring, chairman and chief executive officer of Macy’s said the company will begin capitalizing “where customers are already responding positively to better product offerings and elevate service.”
For a complete list of announced closures, click here.
In December 2023, a group of investors launched a $5.8 billion buyout offer to take Macy’s private in a deal in hopes of ramping up profits at some of its most iconic and money-making locations.
In the meantime, Kohl’s announced the closure of its San Bernardino, Calif., along with its e-commerce fulfillment center in May and 27 underperforming stores by April 2025.
“We always take these decisions very seriously, Tom Kingsbury, Kohl’s chief executive officer, said in a statement. “As we continue to build on our long-term growth strategy, it is important that we also take difficult but necessary actions to support the health and future of our business for our customers and our teams.”