Macy's to Close 66 Stores Amid Strategic Shift

Macy's is set to close 66 underperforming stores in the first quarter of 2025 as part of a broader plan to shutter 150 locations by 2026 to revitalize its business. This 'Bold New Chapter' strategy aims to focus resources on approximately 350 'go-forward' stores, where Macy's sees potential for improved sales through better product offerings and service. Locations slated for closure span multiple states, including Texas, New York, New Jersey, Maryland, and California. The closures reflect a shift in consumer behavior post-pandemic, with more shoppers preferring online purchases, contributing to Macy's declining sales and stock value. The company will offer severance packages to eligible employees and potential placements in nearby stores. Macy's plans to invest in its successful high-end brands, Bloomingdale's and Bluemercury, as part of its turnaround efforts.