Macy’s to Close 100 Stores

Macy’s has announced that it will close 100 of its 728 stores in the U.S., with many of these closures occurring early next year.

Locations of the store closures has not yet been announced.

“We operate in a fast-changing world, and our company is moving forward decisively to build further on Macy’s heritage as a preferred shopping destination for fashion, quality, value and convenience. This involves doing things differently and making tough decisions as we position ourselves to serve customers who have high expectations of their favorite stores, online sites and apps,” says Terry J. Lundgren, chairman and chief executive officer, Macy’s.

The retailer does have plans to re-invest in its remaining brick-and-mortars, reallocating funds to its highest growth potential locations and via its digital business, says Macy’s. Plans include new in-store vendor shops, new brand licensing agreements, increased staff for programs such as its personal shopping services and in improvements to its websites and apps.