Macy’s will close 150 stores over the next three years, 50 by the end of 2024 after posting a fourth quarter loss and declining sales. At the same time the company signaled a pivot to luxury.
Macy's will close 150 stores over the next three years and 50 by the end of 2024, the department store said Tuesday after posting a fourth quarter loss and declining sales. While adjusted net income and revenue topped Wall Street expectations, Macy's offered a muted outlook for the year. The department store chain faces a proxy fight from Arkhouse Management which nominated a slate of nine director for election to Macy's board last week.