The Trader Harbor
  • Business
  • Politics
  • World News
  • Stocks
  • Business
  • Politics
  • World News
  • Stocks

The Trader Harbor

Business

Macy’s is closing 150 stores nationwide as it seeks ‘bold new chapter’ with greater focus on luxury

by admin March 4, 2024
March 4, 2024
Macy’s is closing 150 stores nationwide as it seeks ‘bold new chapter’ with greater focus on luxury

Macy’s plans to close approximately 150 stores nationwide as part of a massive reorganization that will see it pivot to a greater focus on luxury sales.

The retailer on Tuesday announced an initiative it’s calling a ‘bold new chapter’ that will involve shuttering ‘underproductive’ locations, including approximately 50 by the end of the company’s current fiscal year.

In an email, a Macy’s spokesperson declined to comment about which specific stores are closing. In a statement obtained by NBC on Tuesday, San Francisco Mayor London Breed said she had learned that Macy’s 400,000 square-foot flagship location in the city’s Union Square will eventually be part of the closures, though not in the initial round of 50.

The closures will leave approximately 350 Macy’s locations, as well as Bloomingdale’s and Bluemercury beauty and skincare stores.

The company sees those latter brands as its future: It said it plans to take advantage of its leadership position in the luxury market, where it said Bloomingdale’s and Bluemercury have been ‘outperformers’ within the Macy’s portfolio.

The company plans to build out 15 new Bloomingdale’s stores and at least 30 new Bluemercury stores, along with roughly 30 Bluemercury remodels, over the next three years.

“We are making the necessary moves to reinvigorate relationships with our customers through improved shopping experiences, relevant assortments and compelling value,” CEO Tony Spring said in a news release.

Macy’s has been under pressure from investor activists seeking an outright sale of the company due to its decadelong underperformance, with Macy’s real estate considered its most valuable asset.

However, Macy’s recently rejected a takeover offer, saying it undervalued the firm.

Wall Street’s immediate reaction to Tuesday’s announcement was negative, with shares trading more than 2% lower in premarket action.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
Forget a new bathroom, just fix the faucet: Consumers take a break from home renovations
next post
AG Garland pledges to fight voter ID laws, election integrity measures

Related Posts

Mortgage rates are now at the highest level...

April 19, 2024

Boeing delivered 30 airplanes in December, but gap...

January 15, 2025

FDIC Chair Martin Gruenberg to resign after damning...

May 21, 2024

Nvidia’s Jensen Huang is ‘dead wrong’ about quantum...

January 9, 2025

Boeing’s Starliner losses top $2 billion after spacecraft...

February 6, 2025

Johnson & Johnson to pay $6.5 billion to...

May 4, 2024

Fatburger parent company, chairman charged in alleged fraud...

May 13, 2024

Rush orders, cut costs, crossed fingers: How small...

December 2, 2024

Trump signs executive order to end collective bargaining...

March 29, 2025

Disney, Fox, Warner Bros. Discovery call off Venu...

January 11, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • The Real Drivers of This Market: AI, Semis & Robotics

      July 21, 2025
    • What Musk’s fracture with Trump means for GOP’s future: ‘Beating heart of the Republican Party’

      July 21, 2025
    • Trump’s housing chief rips Powell for blowing millions on Fed facelift during housing crisis he perpetuates

      July 21, 2025
    • Trump celebrates 6 months back in office: US ‘totally revived’ after being ‘DEAD’ under Biden

      July 21, 2025
    • Biden admin spent hefty sum of US tax dollars to upgrade embassy swimming pools in Iraq, Russia

      July 21, 2025
    • Trump heads to Scotland, continues ironing out trade deals after notching six months back in office

      July 21, 2025

    Categories

    • Business (1,299)
    • Politics (4,040)
    • Stocks (1,535)
    • Uncategorized (45)
    • World News (1,292)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: TheTraderHarbor, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 thetraderharbor.com | All Rights Reserved