Macy’s to Close 65 Stores by End of January: Updated Closure Plans
s CEO, Tony Spring, announced that the company will be closing more stores than originally anticipated. The initial plan was to shutter about 50 to 55 locations, but due to favorable deal-making conditions, the number has been increased to 65. These closures are part of Macy’s overall strategy to shut down 150 underperforming stores by 2026.
While the specific locations that will be closing have not been disclosed, the closures are expected to take place after the holiday season. Currently, Macy’s operates 38 stores in New York state, including popular locations like Destiny USA in Syracuse, Crossgates Mall in Albany, and the Walden Galleria in Buffalo.
Macy’s Chief Financial Officer and Chief Operating Officer, Adrian Mitchell, shared that net sales for the third quarter were $4.7 billion, a 2.4% decrease from the previous year. This decline is reflective of the challenges many retailers are facing with shifting shopping habits and increased competition from online brands.
Despite the increased number of closures, Macy’s still plans to shutter a total of 150 stores. The company currently operates 479 department stores and 24 small format stores, in addition to Bloomingdales and Bluemercury cosmetics properties.
In a recent setback, Macy’s had to delay the full Q3 earnings report after uncovering that an employee had hidden up to $154 million in expenses over several years. However, CEO Tony Spring assured stakeholders that this accounting discrepancy had no significant impact on the company’s financial results or cash position, as all vendors were fully compensated.
The company continues to navigate these challenges as part of its ongoing efforts to adapt to the changing retail landscape and ensure long-term sustainability.
