The Briefing Room
General Category => Economy/Business => Topic started by: mystery-ak on February 27, 2024, 06:31:15 pm
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Macy's to close 150 stores, or about 30% of its locations
moneywatch
By Aimee Picchi
Edited By Alain Sherter
Updated on: February 27, 2024 / 11:45 AM EST / CBS News
Macy's on Tuesday said it plans to close roughly 150 underperforming stores over the next three years, the struggling retailer's latest effort to energize its business as it seeks to fend off a proposed takeover by activist investors.
The department store chain said it plans to focus on expanding its luxury brands, Bloomingdale's and Bluemercury. Macy's will shutter 50 stores over the next year. Overall, the restructuring plan will leave Macy's with 350
outlets. In an email to CBS MoneyWatch, Macy's said it isn't disclosing the locations that will be closed.
The announcement of the store closures comes after Macy's last month rejected a $5.8 billion takeover offer from investing firm Arkhouse Management and its partner Brigade Capital Management. Financial firms have eyed Macy's partly for its multibillion-dollar real estate portfolio, which some say is undervalued in the stock market.
With this new plan coming just weeks after Macy's rebuffed the offer, the overhaul is designed to offer "a positive narrative" that "is desperately needed to reassure investors," noted Neil Saunders, an analyst at GlobalData, in a Tuesday research note.
Macy's CEO Tony Spring, who stepped into the role this month after leading Bloomingdale's for nine years, said the plan to close the underperforming stores will eventually help Macy's to stabilize its sales, with a focus on customer service and updated product lines.
more
https://www.cbsnews.com/news/macys-closing-150-stores-locations/
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I haven't been able to find a list of stores to be closed. Used to shop there all the time, but the locations closest to me already have closed. The ones remaining - both around 45 miles away - don't seem to have the quality merchandise they used to carry.
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Financial firms have eyed Macy's partly for its multibillion-dollar real estate portfolio, which some say is undervalued in the stock market.
Geez, just as Trump allegedly fraudulently under/overvalued his patches of dirt with stuff on them..
Apparently, value is in the eye of the beholder.
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I'd rather shop at Gimbel's. They had a better Santa
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I'd rather shop at Gimbel's. They had a better Santa
Seems the (Thanksgiving Day) parade went downhill, too.
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Seems the (Thanksgiving Day) parade went downhill, too.
The last one was wokeashell.
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I haven't been able to find a list of stores to be closed. Used to shop there all the time, but the locations closest to me already have closed. The ones remaining - both around 45 miles away - don't seem to have the quality merchandise they used to carry.
I've looked at several websites announcing the closings and it is being reported that Macy's has not yet released a list of those stores closing.
I used to shop their often, but the mall that it is in is no longer a safe area to shop. They tried to revitalize the mall once without much success. It's a shame what is happening to the once solid brick and mortar stores.
Quality has gone down hill especially in many retail stores. Prices are higher that's for sure. Things just aren't the same; especially since the pandemic destroyed so much of our economy.
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The announcement of the store closures comes after Macy's last month rejected a $5.8 billion takeover offer from investing firm Arkhouse Management and its partner Brigade Capital Management. Financial firms have eyed Macy's partly for its multibillion-dollar real estate portfolio, which some say is undervalued in the stock market.
Could this be a canary in the Real Estate / Financial Sector coal mine?
That's what Eddie Lampert thought about Sears and K-Mart. He bought them just in time for the 2008/2009 Financial Crisis.
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San Francisco:
Richie Greenberg
@greenbergnation
This is a big deal.
Macys Union Square SF closing, a massive blow the the city’s retail core, employment, draw for shoppers, restaurants. Further signs the weak economy, organized theft, online competition are taking its toll.
2:11 PM · Feb 27, 2024
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San Francisco:
Richie Greenberg
@greenbergnation
This is a big deal.
Macys Union Square SF closing, a massive blow the the city’s retail core, employment, draw for shoppers, restaurants. Further signs the weak economy, organized theft, online competition are taking its toll.
2:11 PM · Feb 27, 2024
On the plus side less foot traffic to disturb the illegal's and homeless in their natural habitat.
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Sad to see any brick and mortar business suffer. Still no doubt that the mail order, Amazon phenmenom is killing 'em. That is why I tell everyone, if you value being able to put your hands on a purchase befre buying, it might be worth spending an exta 5%-10% at the store instead of helping Amazon make them extinct.