Macy’s announces another round of store closures.
After these closures, Macy’s will have about 400 stores remaining.
In 2016, the company first announced that it would close 100 stores after reporting six consecutive years of declining sales. Since then, Macy’s has been closing additional locations as their leases expire.
Macy’s, which had $25 billion in sales in 2018, is one of the country’s largest and most prominent retailers, with anchor stores at hundreds of U.S. shopping malls. The retail giant has closed dozens of underperforming stores, many of them in shopping malls. Macy’s continues to struggle to win over customers who are increasingly buying online.