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Faltering Macy's to Close 66 Stores, With New York, Florida and California Hit Hard

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Macy’s Inc. (NYSE: M) has repeatedly said it would close underperforming stores as it works to improve same-store sales and overall revenue. It officially announced it would shutter 150 last February. The shutdown of the locations is set to happen over a three-year period. Tony Spring, Macy’s CEO, calls it part of his Bold New Chapter plan. Stores in California, Florida, and New York will be hit particularly hard.
More than 60 underperforming Macy’s Inc. (NYSE: M) stores are on the chopping block.
Stores in California, Florida, and New York will be hit particularly hard.
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Spring says his plan will draw buyers back to the stores. He says Macy’s will focus on “go-forward” stores. Sixty-six on a new list of those stores that will not make it were crossed off the go-forward list. In other words, they will not be “reimagined,” which is how Macy’s plans its store-building program.
“Closing any store is never easy, but as part of our Bold New Chapter strategy, we are closing underproductive Macy’s stores to allow us to focus our resources and prioritize investments in our go-forward stores, where customers are already responding positively to better product offerings and elevated service,” Spring said.
So far, Spring’s plan has been a failure. In the most recent quarter, revenue declined 2.4% to $4.7 billion. Earnings shrank from $0.15 to $0.10 per share. Macy’s stock is down 14% in the past year, even though activist investors have pushed the retailer to sell some of its real estate. Barrington Capital and private equity firm Thor Equities say Macy’s real estate is about double its market value.
Of the 66 stores closing, eight are in New York State. Seven are in Florida. Nine are in California.
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