Macy’s confirms closure of 66 stores

Jan 10

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Craig Nigrelli Anchor

By Craig Nigrelli (Anchor), Brock Koller (Senior Producer), Shea Taylor (Producer), Kaleb Gillespie (Video Editor)

Macy’s confirmed it will close 66 stores across the U.S. The department store chain said Thursday that the move is part of its “bold new chapter” strategy, which was announced in February of last year.

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The strategy will see the closure of approximately 150 underperforming stores, or about a third of its locations, over three years.

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Tony Spring, the retailer’s chairman and CEO, said that while “closing any store is never easy,” this will allow the company to focus its “resources and prioritize investments” in its other locations.

Macy’s told Axios clearance sales will begin this month and run for up to 12 weeks.

Tags: Macy’s, Retail Sales, retailers

[craig nigrelli]

ON THURSDAY – MACY’S CONFIRMED IT WILL BE SHUTTING DOWN 66 STORES.

THE DEPARTMENT STORE CHAIN SAYING the move IS PART OF ITS QUOTE “BOLD NEW CHAPTER” STRATEGY ANNOUNCED IN FEBRUARY OF LAST YEAR THAT WILL SEE THE CLOSURE OF APPROXIMATELY 150 UNDERPERFORMING STORES OVER A THREE-YEAR PERIOD. THAT EQUATES TO ABOUT ONE-THIRD OF ITS LOCATIONS.

TONY SPRING – THE RETAILER’S CHAIRMAN AND CEO- SAID IN A STATEMENT THAT WHILE “CLOSING ANY STORE IS NEVER EASY” THIS WILL ALLOW THE COMPANY TO FOCUS ITS “RESOURCES AND PRIORITIZE INVESTMENTS” IN ITS OTHER LOCATIONS.

MACY’S TELLS AXIOS CLEARANCE SALES WILL BEGIN THIS MONTH AND RUN FOR UP TO 12 WEEKS.