International News: Macy’s to close 65 stores in 2025 as part of restructuring strategy

Posted: Tuesday, December 17, 2024. 11:01 am CST.

By Zoila Palma Gonzalez: Macy’s has announced an increase in its store closure plans, revealing it will close 65 locations in 2025, up from the previously expected 50 to 55, Yahoo reports.

This decision was disclosed during the company’s third-quarter earnings call.

CEO Tony Spring confirmed that closures will take place after the holiday season, as part of the company’s larger strategy to streamline operations and focus on more profitable stores.

This move is part of Macy’s broader “A Bold New Chapter” plan, which includes the closure of 150 “unproductive” stores by 2027.

The company aims to concentrate its investments on 350 core locations while also expanding its luxury brand presence with new Bloomingdale’s and Bluemercury stores.

Despite a slight 2.4% decline in third-quarter net sales, Macy’s continues to focus on long-term growth through its restructuring efforts.

The company also revealed an internal financial discrepancy linked to a concealed $151 million in expenses.

Additionally, stakeholders from Barington Capital Group and Thor Equities have proposed that Macy’s revise its financial strategies to enhance shareholder value.

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The post International News: Macy’s to close 65 stores in 2025 as part of restructuring strategy appeared first on Belize News and Opinion on www.breakingbelizenews.com.

Posted: Tuesday, December 17, 2024. 11:01 am CST. By Zoila Palma Gonzalez: Macy’s has announced an increase in its store closure plans, revealing it will close
The post International News: Macy’s to close 65 stores in 2025 as part of restructuring strategy appeared first on Belize News and Opinion on www.breakingbelizenews.com.