Macy’s to close more stores as part of department store chain’s plan to shutter 125 locations in 3 years

Kelly Tyko

| USA TODAY
Shopping: These retailers will either make it or break it in 2021From J.C. Penney to Victoria’s Secret, here are 8 retailers who will either make it or break it in 2021.Staff Video, USA TODAYForty-five Macy’s stores are expected to close by the middle of the year, CNBC reported Tuesday.A list of closing stores was not disclosed Tuesday and will be available Wednesday, Macy’s officials told USA TODAY.The department store chain announced in February 2020 that it planned to cut 2,000 jobs and close one-fifth of its stores or roughly 125 locations over the next couple of years. Macy’s closed approximately 30 stores last year as part of the plan.”As previously announced, Macy’s, Inc. is committed to rightsizing our store fleet by concentrating our existing retail locations in desirable and well-trafficked A and B malls,” Macy’s said in a statement to USA TODAY Tuesday. “To that end, we announced several store closures today that align to the guidance we provided in February 2020. These closures bring us closer to achieving the right mix of mall-based stores.”Is your Bed Bath & Beyond closing?: See the list of stores slated to close by the end of February 2021Shopping malls at risk:  Malls were struggling before COVID-19 and now have more empty stores. What’s next after the pandemic?While the full list wasn’t available Tuesday, the Chicago Tribune reported Macy’s flagship store in Water Tower Place would close after a clearance sale that will start this month and run for eight to 12 weeks.Macy’s along with other department store chains temporarily shuttered all of its stores amid the coronavirus pandemic in mid-March. The company, which includes Bloomingdale’s and Bluemercury, started reopening stores in May and added curbside pickup.Last week, USA TODAY included Macy’s with other major retailers who are vulnerable and reported that the company appears to be in better shape than some of its competitors. In June, officials said the company received a credit line of $3.15 billion backed by its inventory, bringing its total new financing to $4.5 billion.In September, Macy’s Inc. Chairman and CEO Jeff Gennette said the timeline for permanent store closings could be adjusted as the company monitors the competition and the recovery from the pandemic.”Retail today has been disrupted. And while that disruption creates challenges, it also holds opportunity,” Gennette told analysts during the September quarterly earnings call. “With many competitors closing or struggling, we see the potential to bring new customers into our brands and gain market share.”More store closings in 2021?: These are the most vulnerable major retailers of 2021 as pandemic continuesCoronavirus effect: Mask protests continue as coronavirus cases surge with one leading a California Trader Joe’s to close earlyNew Starbucks drinks: Starbucks releases winter menu with new Pistachio Latte, Honey Almondmilk Cold Brew, Red Velvet Loaf and moreFollow USA TODAY reporter Kelly Tyko on Twitter: @KellyTyko

Source link