Macy’s just announced that it will close approximately 100 stores.
It’s part of the company’s attempt to improve business, following six consecutive quarters of declining sales.
In the most recent quarter, comparable sales (on an owned and licensed basis) were down 2%.
“We operate in a fast-changing world, and our company is moving forward decisively to build further on Macy’s heritage as a preferred shopping destination for fashion, quality, value and convenience. This involves doing things differently and making tough decisions as we position ourselves to serve customers who have high expectations of their favourite stores, online sites and apps,” Terry J. Lundgren, Macy’s, Inc. chairman and chief executive officer, said in a release.
The company currently has 728 stores, 675 of which are full-line stores.
“We believe that this reduction of 100 locations in the short term will result in a more appropriate store portfolio for Macy’s in the longer term and help us to accelerate our progress in building a vibrant omnichannel brand experience,” Jeff Gennette, who will take over as CEO in the first quarter of 2017 said in the release.
Macy’s shares jumped in pre-market trading ahead of the report.
The company shuttered 41 of its stores in fiscal 2015.
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