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.
The iconic but struggling US department store Macy's announced plans on Tuesday to close around 150 locations by 2026, while concentrating investments in its more upscale Bloomingdale's and Bluemercury brands.Luxury brands Bloomingdale's and Bluemercury have been "outperformers within the Macy's, Inc. portfolio," the statement said.
The iconic but struggling US department store Macy's announced plans on Tuesday to close almost a third of its eponymous locations by 2026 while building up its upscale Bloomingdale's and Bluemercury brands.The company said 15 Bloomingdale's nameplate stores and at least 30 new Bluemercury stores would open in new and existing markets over the next three years, along with 30 remodeled Bluemercury sites.
Shares of Macy's, Inc. (M) are rising more than 6 percent Tuesday morning after reporting better-than-expected fourth-quarter profit. The department store chain operator also announced a new staregy "A Bold New Chapter" to return the company to enterprise growth.