Macy’s said Tuesday it is planning to close about 150 stores across the nation to reorganize and refocus its business.
The company explained the initiative will close down “underproductive” stores to put more emphasis on luxury sales, NBC News reported.
“The closures will leave approximately 350 Macy’s locations, as well as Bloomingdale’s and Bluemercury beauty and skincare stores,” the outlet said.
“It is those latter brands that the company sees as its future: It said it plans to take advantage of its leadership position in the luxury market, where it said Bloomingdale’s and Bluemercury have been ‘outperformers’ within the Macy’s portfolio,” the report continued.
In the coming three years, the company’s leadership plans to build out 15 Bloomingdale’s locations and 30 Bluemercury stores and remodel 30 Bluemercury locations.
The news comes about a month after Macy’s said it was planning to slash 2,350 jobs and shut down five stores:
Per the recent NBC News article, “Macy’s has been under pressure from investor activists seeking an outright sale of the company due to its decade-long underperformance, with Macy’s real estate considered its most valuable asset,” the outlet said, adding the company has refused a takeover offer.
Macy’s is the biggest department store chain in America, KTVU reported Tuesday, noting the locations of the 150 stores that are set to close have not yet been revealed.
In September, high-end stores in the Beverly Hills area of California reportedly began closing because of rampant smash-and-grab robberies.
Earlier in 2023, Breitbart News reported that Walmart, Target, Best Buy, and other major stores were closing some of their locations across America due to a rise in thefts.
“In 2021, retailers lost a combined $94.5 billion from theft and inventory loss, according to the 2022 National Retail Security Survey. California has seen 35 retail outlets close while New York closed 23 and Illinois closed 18. Florida also closed 21 stores.”