Insiders Advisor
  • Stocks
  • World News
  • Business
  • Politics
  • Stocks
  • World News
  • Business
  • Politics

Insiders Advisor

Business

Macy’s is closing 150 stores nationwide as it seeks ‘bold new chapter’ with greater focus on luxury

by February 28, 2024
February 28, 2024
Macy’s is closing 150 stores nationwide as it seeks ‘bold new chapter’ with greater focus on luxury

Macy’s plans to close approximately 150 stores nationwide as part of a massive reorganization that will see it pivot to a greater focus on luxury sales.

The retailer on Tuesday announced an initiative it’s calling a ‘bold new chapter’ that will involve shuttering ‘underproductive’ locations, including approximately 50 by the end of the company’s current fiscal year.

In an email, a Macy’s spokesperson declined to comment about which specific stores are closing. In a statement obtained by NBC on Tuesday, San Francisco Mayor London Breed said she had learned that Macy’s 400,000 square-foot flagship location in the city’s Union Square will eventually be part of the closures, though not in the initial round of 50.

The closures will leave approximately 350 Macy’s locations, as well as Bloomingdale’s and Bluemercury beauty and skincare stores.

The company sees those latter brands as its future: It said it plans to take advantage of its leadership position in the luxury market, where it said Bloomingdale’s and Bluemercury have been ‘outperformers’ within the Macy’s portfolio.

The company plans to build out 15 new Bloomingdale’s stores and at least 30 new Bluemercury stores, along with roughly 30 Bluemercury remodels, over the next three years.

“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 a news release.

Macy’s has been under pressure from investor activists seeking an outright sale of the company due to its decadelong underperformance, with Macy’s real estate considered its most valuable asset.

However, Macy’s recently rejected a takeover offer, saying it undervalued the firm.

Wall Street’s immediate reaction to Tuesday’s announcement was negative, with shares trading more than 2% lower in premarket action.

This post appeared first on NBC NEWS
previous post
BITCOIN Rally Picks Up Steam, What’s Next?
next post
The IRS’s new, free ‘Direct File’ service for simple tax returns is now available in 12 states

Related Posts

Palm Beach housekeepers are making $150,000 a year...

May 24, 2024

Mortgage refinance demand jumps to a 2-year high,...

July 17, 2024

Netflix maintained its 2025 guidance. That may not...

April 21, 2025

The pool party’s over as Americans ease up...

July 8, 2024

Fed’s key inflation measure cooled slightly from a...

July 26, 2024

Tesla shares fall after deliveries drop 8.5% from...

April 3, 2024

Tesla asks shareholders to vote again on Musk’s...

April 18, 2024

FDA declares cucumber-linked Salmonella outbreak over after 155...

August 26, 2024

Denny’s says some locations will start charging extra...

February 25, 2025

McDonald’s to close three CosMc’s locations — and...

January 12, 2025

    Fill Out & Get More Relevant News


    Stay ahead of the market and unlock exclusive trading insights & timely news. We value your privacy - your information is secure, and you can unsubscribe anytime. Gain an edge with hand-picked trading opportunities, stay informed with market-moving updates, and learn from expert tips & strategies.

    Latest News

    • New book sheds light on Harris decision to pick Walz as her running mate over Shapiro: ‘Went with her gut’

      July 9, 2025
    • Sotomayor breaks with Jackson in Supreme Court decision over Trump cuts to federal workforce

      July 9, 2025
    • Biden doctor dodges questions in speedy House closed-door interview

      July 9, 2025
    • Senate Republican moves to give US an edge on China in harvesting minerals for weapons systems

      July 9, 2025
    • State Department investigating Rubio AI impersonator who contacted US, foreign officials

      July 9, 2025
    • DOJ lands legal victory as federal judge allows $800M in grants to be clawed back

      July 9, 2025

    Categories

    • Business (1,298)
    • Politics (6,321)
    • Stocks (904)
    • World News (460)
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: insidersadvisor.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 insidersadvisor.com | All Rights Reserved