Macy’s announces 34 more store closings as profits fizzle
The hits keep coming for Macy’s as the retailer has quietly announced 34 more stores will be closing according to this MSNBC report.
Macy’s reiterated on Tuesday that it will close roughly 100 total stores over the next few years as it works to restore its declining profitability level.
The chain has been struggling to grow earnings as consumers increasingly spend their money at off-price and online competitors.
After outlining 68 of the stores it plans to close last month, the chain said Tuesday morning that it will close roughly 34 additional stores “over the next few years.” It did not provide additional details regarding where those stores would be.