Macy’s is set to close 65 stores by the end of January 2025, more than were previously planned.
Fast Company reports Macy’s CEO Tony Spring announced Thursday that the company originally planned to close about 50 to 55 stores over the same time period, but increased the number as the “deal-making environment remains favorable.” All of the stores set to close are underperforming locations that were part of the company’s previously announced plan to shutter 150 locations through 2026.
Macy’s has not said which locations will be closing or exactly when, but the closures are expected to happen after the holiday season.
The department store chain currently has 38 shops in New York state, including at Destiny USA in Syracuse, Crossgates Mall in Albany, the Greece Ridge Center near Rochester, the Walden Galleria in Buffalo and the Poughkeepsie Galleria.
Macy’s Chief Financial Officer and Chief Operating Officer Adrian Mitchell said Thursday that net sales for the third quarter were $4.7 billion, down 2.4% from last year and unchanged from November. Macy’s is among a growing list of retailers that have struggled with changes in shopping habits and increased competition from online brands.
Spring said Macy’s total number of closures is still expected to be about 150 stores. The company currently has 479 total department stores and 24 small format stores, plus Bloomingdales and Bluemercury cosmetics properties.
The full Q3 earnings report was delayed last month after the company said it discovered an employee intentionally hid up to $154 million of expenses over several years. Spring said an internal investigation concluded the “erroneous accounting accrual entries… had an immaterial impact on our cumulative financial results and no impact on our cash position as all vendors were fully paid.”
