Macy’s to close 100 stores starting in early 2017

CINCINNATI, Aug. 11 (UPI) — Macy’s Inc. will close about 100 of its 728 stores, beginning in early in 2017, the company announced Thursday.

A company statement said it will “concentrate its financial resources and talent on our better-performing locations to elevate their status as preferred shopping destinations. Stores will remain critical customer touchpoints for Macy’s, along with online shopping and mobile apps.”

The announcement comes as Macy’s revenue decreased 3.9 percent in the second quarter of 2016, and sales in the first half of 2016 totaled $11.637 billion, down 5.9 percent from the comparable 2015 period. Another Macy’s statement cited the closing of 41 underperforming stores in 2015.

The locations of the approximately 100 stores to be closed were not revealed; some will remain open until leases expire. Macy’s said employees affected by the closures will be offered positions in nearby stores “wherever possible,” and that severance benefits will be available.

Macy’s stock rose from $34.00 per share at the close Wednesday to $38.90 in pre-trading hours.