Washington (WE) — Macy’s has announced plans to close 65 stores by January 2025, surpassing its earlier estimate of 50 closures. This move, revealed during a Q3 earnings call by CEO Tony Spring, is part of the retailer’s “Bold New Chapter” initiative, which aims to shutter 150 locations by 2026.
Spring expressed optimism about the restructuring, stating, “Although we still have work to do, we believe our Bold New Chapter initiatives, including the closure of roughly 65 non-go-forward locations this year, bring us closer to our goal of becoming a more profitable Macy’s, Inc.”
Despite the challenges, the company reported $4.7 billion in net sales for the quarter, a 2.4% decline year-over-year. However, comparable sales rose by 3.2%, driven by strong performance in women’s apparel, beauty, and digital offerings. New partnerships with brands such as SKIMS and Jenni Kayne also gained positive customer feedback.
In November, Macy’s delayed its third-quarter earnings report due to an investigation into accounting discrepancies. An employee had intentionally concealed $132–154 million in expenses over several years. Spring confirmed the investigation concluded with no significant impact on financial results.
This announcement comes amid a shifting retail landscape as consumers increasingly favor online shopping, forcing legacy retailers like Macy’s to adapt and restructure.
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