ISTANBUL: American department store chain Macy’s will close 150 underperforming locations across the nation in its 2026 fiscal year, according to a financial results statement released Tuesday.
The company said it wants to reprioritize investments in the remaining 350 locations in the US in the same fiscal year.
The firm, in addition, has a target of growing luxury store locations by 20%.
“We are making the necessary moves to reinvigorate relationships with our customers through improved shopping experiences, relevant assortments and compelling value,” CEO Tony Spring said in the statement.
The company saw a net loss of $71 million for the quarter that ended Feb. 3. The figure is significantly down from the $508 million in net income recorded in the same period last year.
Revenue, meanwhile, declined 2.4% to $8.37 billion from $8.58 billion during the same period.
Macy’s stock price was up 6.8% at 10.08 a.m. EDT on the New York Stock Exchange.
The company announced in January it was planning to reduce
3.5% of its workforce, or approximately 2,350 employees.
Source: Anadolu Agency