Macy's is about to announce another round of store closingsMacy's will announce another round of store closures this week as it continues to battle slowing sales and growing online competition.
Fewer than 30 stores will be on the forthcoming list of closures, the company confirmed to Business Insider.
The closures are part of a plan announced in August 2016 to shut down 100 stores, or about 15% of Macy's store base at the time. As of late October, 74 of those 100 stores were either closed or announced to be closed.
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After the upcoming round of closures, Macy's will have fewer than 600 stores, down from nearly 800 in 2014.
Macy's total sales dropped 6.1 percent, to $5.28 billion, in the most recent quarter. Same-store sales at its namesake stores, or stores open at least a year, declined 3.6%.
Excerpted. More at:
http://www.businessinsider.com/macys-stores-closing-list-2018-1
