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Macy’s Inc. said Tuesday it will close about 45 department stores this year as part of its ongoing restructuring plans.
The closures are part of a plan announced last February, before the pandemic shuttered retail stores for months, to close 125 stores over the next three years in an effort to pull up stakes from its worst-performing sites. About 30 of its stores closed in 2020.
Macy’s M, +1.52% did not announce which stores will close in the coming months, nor how many jobs will be lost, but it reportedly has notified employees at affected stores. Its flagship store on Chicago’s Miracle Mile is among those closing, the Chicago Tribune reported.
Macy’s said the affected stores would be posted on its website Wednesday.
“Macy’s is committed to rightsizing our store fleet by concentrating our existing retail locations in desirable and well-trafficked A and B malls,” the company said in a statement to media. “To that end, we announced several store closures today that align to the guidance we provided in February 2020. These closures bring us closer to achieving the right mix of mall-based stores.”
Macy’s operates 764 stores, including 546 namesake stores, along with Bloomingdale’s and Bluemercury.
Macy’s posted a $91 million quarterly net loss in November, though that was actually smaller than expected. Its shares were hit hard in 2020, falling about 35% for the year, but have surged 96% over the past three months.
