Consumer
Macy’s to Close 150 Namesake Stores, Grow Luxury Brands
- Quarterly profit beats forecasts, current-year guidance misses
- Real estate plan to free up as much as $750 million of assets
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Macy’s Inc. said it plans to close almost a third of its namesake US locations as the department-store chain seeks to fight off a pair of activist firms seeking to buy the company.
The company didn’t give an estimate of the number of employees that will be affected by the closures, though it said in a filing that it would take a $50 million charge related to employee termination costs. Many of the stores are near other Macy’s locations, which could allow some workers to transfer. Macy’s also plans to add 15 new Bloomingdale’s and 30 Bluemercury locations by 2026 — an effort to accelerate growth of its higher-end brands.