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Macy s forecasts weaker annual sales on slowing demand, to shutter 150 stores

Macy s forecasts weaker annual sales on slowing demand, to shutter 150 stores
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New yorkUnited statesArun koyyurDavid swartzSavyata mishraKatherine mastersArkhouse management

Macy s forecasts annual sales below estimates, to shutter 150 stores

NEW YORK (Reuters) -Macy's forecast annual sales below market expectation on weak demand for its apparel and shoes and said it would close 150 stores through 2026 in a new turnaround plan, sending its shares down about 2% before the bell on Tuesday. The move comes as sluggish sales has landed the upscale retailer in the crosshairs of activist shareholders and attracted potential bidders. Macy's is facing a proxy battle from Arkhouse Management after the investment firm nominated nine director candidates last week.

New yorkUnited statesSavyata mishraArun koyyurKatherine mastersArkhouse managementMacy sDavid swartzTurnaround planAnnual sales

Macy s mulls closing San Francisco flagship amid plans to shutter 150 stores

Macy s mulls closing San Francisco flagship amid plans to shutter 150 stores
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San franciscoUnited statesNew yorkLondon breedMatthew lewisAaron peskinJuveria tabassumAdrian mitchellSan francisco union squareUnion squareSan francisco boardSan francisco chronicleFrancisco mayor london breedFarrell streetChief financial officer adrian mitchellKatherine masters

Macy s mulls closing San Francisco flagship amid plans to shutter 150 stores

Macy’s is evaluating closing its San Francisco Union Square flagship, weighing the real estate value of the property against the potential for future sales growth at the store, a person familiar with the matter told Reuters. Macy's evaluation of the location is part of a new turnaround strategy announced by the retailer on Tuesday in an earnings call with investors. The department-store chain outlined plans to shutter an additional 150 underperforming Macy’s stores in the U.S. through 2026.

San franciscoUnited statesNew yorkAdrian mitchellAaron peskinMatthew lewisJuveria tabassumLondon breedUnion squareSan francisco union squareSan francisco boardSan francisco chronicleFrancisco mayor london breedFarrell streetChief financial officer adrian mitchellKatherine masters

Macy s mulls closing San Francisco flagship amid plans to shutter 150 stores

Macy s mulls closing San Francisco flagship amid plans to shutter 150 stores
aol.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from aol.com Daily Mail and Mail on Sunday newspapers.

San franciscoUnited statesNew yorkJuveria tabassumAdrian mitchellLondon breedMatthew lewisAaron peskinSan francisco union squareUnion squareSan francisco boardSan francisco chronicleFrancisco mayor london breedFarrell streetChief financial officer adrian mitchellKatherine masters