Macy's to close 150 stores as sales slip as it pivots to luxury at Bloomindale's and Blue Mercury
Macy’s said it will close roughly 150 locations through 2026, as the company tries to become a more nimble operation
By ANNE D'INNOCENZIO
Published - Feb 27, 2024, 07:45 AM ET
Last Updated - Feb 27, 2024, 07:45 AM EST
NEW YORK (AP) — Macy's will close 150 stores, 50 this year it said Tuesday, after posting a fourth quarter loss and declining sales.
While adjusted net income and revenue topped Wall Street expectations, the company offered a muted outlook for the year. Shares slipped 2% before the opening bell.
The department store chain faces a proxy fight from Arkhouse Management which nominated a slate of nine director for election to Macy's board last week. Last month, Macy's rejected a $5.8 billion takeover offer from the hedge fund and Brigade Capital Management, an investment manager.
Activist investors and pressure to increase sales are just two critical issues facing new CEO Tony Spring, who succeeded Jeff Gennette last month.
