Thursday, August 11, 2016 11:38AM
NEW YORK – Macy’s announced Thursday that it plans to close about 100 of its 728 stores, most of which will close early in 2017 as leases expire.
The locations of the 100 stores to be closed have not been announced, as the company said in a news release that it has not made final decisions about the stores.
Amidst a difficult sales environment for brick and mortar stores, Macy’s announced this morning plans to close 100 of its 728 locations.
“The company will act to remain connected to customers of the stores it will be closing by supplementing merchandise assortments in surrounding locations, as well as through the company’s online site and mobile app,” the news release said.
The move is part of a series of steps to improve profits and growth. The company said it plans to re-create Macy’s physical stores, reallocating resources to highest-growth stores and digital businesses.
In January, the store cut up to 4,800 jobs and slashed its profit outlook after a miserable holiday season.
The nation’s largest department store chain, which also operates Bloomingdale’s, said at the time that about 2,110 of the job cuts would come from reducing staffing levels at stores, eliminating duplications in back office operations and consolidating regional store groups. The remaining job cuts came from store closings that Macy’s announced at the end of 2015.