Macy’s has announced plans to close 66 underperforming stores this year as part of its Bold New Chapter strategy, which includes closing about 150 underproductive locations over a three-year period.
“Closing any store is never easy,” said Tony Spring, chairman and CEO of Macy’s. “But as part of our Bold New Chapterstrategy, we are reallocating resources to focus on our more productive stores and prioritize investments in their success.”
The move reflects Macy’s ongoing efforts to adapt to declining sales and changing shopping habits. As part of this plan, the retailer is also focusing on upgrading 350 stores and increasing staff levels in those locations by 2026.
Macy’s emphasized its commitment to meeting customer expectations for seamless shopping experiences both in-store and online. “Customers have endless options for where and how they shop, and we are focused on enhancing their experience across all channels,” the company stated in a news release.
Despite the closures, Macy’s is aiming to strengthen its nationwide presence by investing in key locations and expanding its digital offerings to remain competitive in an evolving retail landscape.
Last year, retailer Big Lots announced that it would begin its Going Out of Business (GOB) sales at all its stores.
“We all have worked extremely hard and have taken every step to complete a going concern sale,” Big Lots President and CEO Bruce Thorn said. “While we remain hopeful that we can close an alternative going concern transaction, in order to protect the value of the Big Lots estate, we have made the difficult decision to begin the GOB process.”
The retailer filed for bankruptcy in September, citing inflation and interest rates as the primary drivers behind the filing. The company filed for Chapter 11 protection, agreeing to sell its assets and business operations to Nexus Capital Management.
The company has since said it does not believe it will complete its agreement with Nexus Capital Management and will “work toward completing an alternative going concern transaction with Nexus or another party,” a press release says. Big Lots is looking to complete a sale by early January.
At the time of its bankruptcy announcement, Thorn said the filing would allow Big Lots to “move forward with new owners who believe in our business and provide financial stability, while we optimize our operational footprint, accelerate improvement in our performance, and deliver on our promise to be the leader in extreme value.”