Macy's Announces Closure of 150 Stores, Shifts Focus to Luxury Market
TL;DR
Macy's plans to close approximately 150 stores nationwide, focusing on luxury sales and reorganizing its business. The company will pivot to a greater focus on luxury sales, with plans to close "underproductive" locations and expand its Bloomingdale’s and Bluemercury brands. CEO Tony Spring stated that the company is making necessary moves to improve customer relationships and shopping experiences. Macy's has been under pressure from investor activists seeking an outright sale of the company, but recently rejected a takeover offer.
- Macy's is closing 150 stores nationwide as it seeks 'bold new chapter' with greater focus on luxury NBC News
- Macy's to close 150 stores by 2026, open new Bloomingdale's, Bluemercury locations Fox Business
- Macy’s is closing 150 stores CNN
- Macy's to close 150 stores in new turnaround effort, forecasts weak 2024 sales Yahoo Finance
- Macy’s to close 150 stores amid sales slip, stepping up luxury business MLive.com
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