Business
Macy’s to Close Up to 40 Stores
Macy’s (AP Photo)
(USA Today) – Macy’s will close 35 to 40 underperforming stores, around 5% of its total locations, the department store chain announced Tuesday.
The stores, slated to be shuttered in early 2016, will be identified at a later date, said the company with corporate offices in Cincinnati and New York.
Annual sales volume at the stores, “net of sales expected to be retained in nearby stores and online,” as the company puts it in a statement, is expected to be about $300 million. That would represent about 1 percent of total Macy’s sales, the company said.
The closures are a bold move: Macy’s has closed a net total of 40 stores over the past five years. CEO Terry Lundgren said the retailer will remain a major store operator, but noted the change comes as shoppers alter their habits, buying more merchandise online.
There are now 770 Macy’s stores in 45 states. Over the past five years, 52 stores have been closed and 12 new ones opened, the company said.
