Macy's CEO Tony Spring announced plans to close approximately 65 underperforming store locations by January 2025, adding 15 closures to the previous plan of 150 by 2026.
Spring emphasized that this initiative is part of Macy's "Bold New Chapter" plan aimed at improving profitability, suggesting a strategic shift for the retailer.
Despite the store closures, Macy's reported a 3.2% rise in comparable sales, particularly in women's advanced contemporary apparel and expanding categories like beauty and digital.
The controversy surrounding a recent internal investigation revealed an employee mismanaged $150 million in accounting, though CFO Adrian Mitchell noted it had a negligible impact on overall financial results.
Collection
[
|
...
]