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Iconic department-store chain Macy’s right now announced that it’s getting ready to shut 150 shops after a disappointing vacation quarter that noticed gross sales fall virtually 2%. The announcement of the shop closures is a part of a turnaround plan that the corporate says is “a daring new chapter” in its historical past.
The choice to shut 150 underperforming shops comes after Macy’s already introduced the closure of 5 of its stores in January. As of October 2023, Macy’s had about 500 Macy’s-branded shops. After these closures, there will likely be round 350 Macy’s shops left in the USA.
Reached for remark by Quick Firm, the retailer stated it didn’t but have an inventory of the places to share. The corporate introduced the closures can be accomplished someday in 2026. It stated it expects to shut the primary 50 places by the tip of this fiscal yr. Furthermore, Macy’s revealed that it will prioritize investing within the remaining Macy’s shops.
“Closing a retailer is rarely a straightforward choice,” Macy’s stated in an emailed assertion. “We’re dedicated to supporting our impacted colleagues with alternatives wherever accessible throughout Macy’s, Inc. and to speaking with transparency.”
Macy’s additionally introduced that it will give attention to its luxurious choices. The corporate operates greater than 150 Bluemercury shops and upwards of fifty Bloomingdale’s shops. Macy’s stated it anticipates that “15 Bloomingdale’s nameplate shops and at the least 30 new Bluemercury shops, together with roughly 30 Bluemercury remodels,” will likely be opened in new and current markets between now and 2027.
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