Macy’s , to Close 150 Stores, Nationwide.<br />NBC News reports that the retailer announced <br />a “bold new chapter” as part of a massive reorganization plan. .<br />This plan includes closing <br />“underproductive” locations, with 50 stores<br />closing by the end of Macy’s fiscal year. .<br />The company also revealed their plans to pivot to luxury sales, <br />with a greater focus on Bloomingdale’s and Bluemercury, which <br />they have called “outperformers” within their portfolio. .<br />Over the next three years, Macy’s will open 15 new Bloomingdale’s stores, at least 30 new Bluemercury stores, and roughly 30 Bluemercury remodels.<br />We are making the necessary moves to reinvigorate relationships with our customers through improved shopping experiences, relevant assortments and compelling value. , Macy's CEO Tony Spring, via NBC News.<br />The company has been under pressure from investor activists for an outright sale due to consistent underperformance.<br />According to NBC News, Macy’s real estate <br />is often considered their most valuable asset.<br />Shares traded more than 2% lower in <br />premarket action after the announcement.
