Macy's to close 150 stores but expand luxury Bloomingdale's, Bluemercury outlets
10 months, 2 weeks ago

Macy's to close 150 stores but expand luxury Bloomingdale's, Bluemercury outlets

Hindustan Times  

Macy's will close 150 unproductive namesake stores over the next three years including 50 by year-end, the department store operator said Tuesday after posting a fourth-quarter loss and declining sales. The Macy's stores set to close account for less than 10% of its sales, the company said. “We are making the necessary moves to reinvigorate relationships with our customers through improved shopping experiences, relevant assortments and compelling value,” said Macy’s CEO Tony Spring, former CEO of Bloomingdale's who succeeded Jeff Gennette earlier this month. The company is focusing on upgrading the first group of 50 Macy's namesake stores, which will act as “incubators,” Spring told The AP.

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History of this topic

Why Macy's is shutting down dozens of stores across US
4 weeks ago

Why Macy's is shutting down dozens of stores across US

India Today  

Popular US departmental store chain Macy’s has announced that it is planning to shut down as many as 65 stores by the end of January 2025, which is 15 more than previously planned, according to reports. Macy’s CFO Adrian Mitchell said that the closure of stores will be done in a strategic manner, with greater focus on locations that are …

Macy’s says employee hid up to $154 million in expenses, delaying Q3 earnings
1 month, 2 weeks ago

Macy’s says employee hid up to $154 million in expenses, delaying Q3 earnings

Associated Press  

Macy’s reported stronger-than-expected sales for the third quarter and said it’s delaying the release of its full quarterly results after it discovered an employee intentionally hid up to $154 million of expenses over several years. An independent investigation and forensic analysis found that a single employee with responsibility for small package delivery expense accounting intentionally made erroneous accounting accrual entries …

Macy’s swings to a second quarter profit, but sales surprisingly weak as customers grow cautious
4 months, 2 weeks ago

Macy’s swings to a second quarter profit, but sales surprisingly weak as customers grow cautious

Associated Press  

NEW YORK — Macy’s swung back to a profit in its second quarter but suffered yet another sales decline as inflationary weary shoppers rein in spending, with their focus increasingly on buying the essentials. At the first 50 stores that Macy’s has overhauled, same store sales have rising for two consecutive quarters, said Tony Spring, who became chairman and CEO …

Macy's ends takeover talks with Arkhouse and Brigade citing lack of certainty over financing
5 months, 3 weeks ago

Macy's ends takeover talks with Arkhouse and Brigade citing lack of certainty over financing

Hindustan Times  

Macy's is terminating its monthslong buyout talks with two investment firms, citing a substandard offer and the lack of certainty over financing. Macy's ends takeover talks with Arkhouse and Brigade citing lack of certainty over financing In announcing the end of negotiations on Monday, Macy’s alleged that Arkhouse Management and Brigade Capital Management did not meet its request for information …

Macy’s ends takeover talks with Arkhouse and Brigade citing lack of certainty over financing
5 months, 3 weeks ago

Macy’s ends takeover talks with Arkhouse and Brigade citing lack of certainty over financing

Associated Press  

Macy’s is terminating its monthslong buyout talks with two investment firms, citing a substandard offer and the lack of certainty over financing. Macy’s said that offer was within a range that its board had previously told Arkhouse and Brigade was “not compelling.” Macy’s shares tumbled 11.7% to close Monday at $16.85. “Other than seeking to monetize Macy’s real estate assets …

Store closures are rocking the US market. Here’s the restaurants and retailers shutting their doors
7 months ago

Store closures are rocking the US market. Here’s the restaurants and retailers shutting their doors

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. open image in gallery A customer walks into …

Macy’s tops expectations for the first quarter as luxury and beauty sales shine
7 months, 2 weeks ago

Macy’s tops expectations for the first quarter as luxury and beauty sales shine

Associated Press  

NEW YORK — Macy’s sales and profits fell during the first quarter as higher costs and other financial challenges had customers pulling back on spending. And Macy’s, which also operates upscale Bloomingdale’s and beauty chain Bluemercury, said it is seeing a positive impact from its turnaround efforts that include closing underperforming stores and upgrading others. Macy’s said it will open …

True scale of US retail bloodbath revealed: How a 5,500 shops have closed in just one year... and even big names Walmart, Bed Bath & Beyond and Nike have suffered
8 months, 4 weeks ago

True scale of US retail bloodbath revealed: How a 5,500 shops have closed in just one year... and even big names Walmart, Bed Bath & Beyond and Nike have suffered

Daily Mail  

US retailers shut a total of almost 5,500 stores in 2023 - with major corporations like Bed Bath & Beyond, Walgreens and Rite Aid leading the pack. Total closures were 5,463 in 2023, a 30 percent increase on 2022 Bed Bath & Beyond reported it would shut 866 stores, far more than any other retailer Many retailers, like Walgreens, pointed …

Macy’s closes 150 stores – see if yours is on the list
10 months, 2 weeks ago

Macy’s closes 150 stores – see if yours is on the list

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Macy’s has announced plans …

Macy's to close 150 stores in major turnaround effort - but will open more high-end Bloomingdale's and Bluemercury locations
10 months, 2 weeks ago

Macy's to close 150 stores in major turnaround effort - but will open more high-end Bloomingdale's and Bluemercury locations

Daily Mail  

Macy's will close 150 underperforming stores over the next three years, the department store said Tuesday - more than a third of locations. Macy's will close 150 stores over the next three years, the department store said Tuesday Sales at the company fell to $8.12 billion in the fourth quarter, down nearly 2 percent from a year ago. Retail analyst …

Macy's to close 150 stores and will open new Bloomingdale's locations
10 months, 2 weeks ago

Macy's to close 150 stores and will open new Bloomingdale's locations

Associated Press  

NEW YORK — Macy’s will close 150 unproductive namesake stores over the next three years including 50 by year-end, the department store operator said Tuesday after posting a fourth-quarter loss and declining sales. The Macy’s stores set to close account for 25% of overall square footage but less than 10% of its sales, the company said. AP AUDIO: Macy’s to …

Macy’s Simi Valley to close along with four other stores; 3.5% of workforce to be cut
11 months, 3 weeks ago

Macy’s Simi Valley to close along with four other stores; 3.5% of workforce to be cut

LA Times  

Macy’s is planning to close five stores, including the Simi Valley Town Center location. Macy’s is closing five stores, including the location at Simi Valley Town Center, and laying off 3.5% of the department store chain’s workforce, according to a statement from a company spokesperson and media reports. The decision, the person said, would allow the chain “to become a …

Macy's to slash 2,350 jobs and ax FIVE stores as it becomes latest victim of America's 'retail apocalypse'
11 months, 3 weeks ago

Macy's to slash 2,350 jobs and ax FIVE stores as it becomes latest victim of America's 'retail apocalypse'

Daily Mail  

Chain is planning to add more automation to its supply chain and reduce management Macy's will lay off around 2,350 workers and close five stores as it becomes the latest victim of America's retail apocalypse. It comes as Macy's President Tony Spring prepares to succeed Jeff Gennette as CEO next month. Macy's will lay off around 2,350 workers and close …

Macy’s puts up strong third quarter numbers, raises profit outlook and top end of full-year revenue
1 year, 1 month ago

Macy’s puts up strong third quarter numbers, raises profit outlook and top end of full-year revenue

Associated Press  

Macy’s third-quarter sales declined as customers grow more cautious with their spending, but sales and profit both topped Wall Street expectations. So even though you see the break on the prices across all of our non-discretionary categories, it’s still much higher than it has been historically and certainly in the last year.” Retail sales slipped in October, according to U.S. …

Macy’s had to discount spring goods to entice cautious consumers and sees more warning signs ahead
1 year, 4 months ago

Macy’s had to discount spring goods to entice cautious consumers and sees more warning signs ahead

Associated Press  

NEW YORK — Macy’s heavily discounted its spring goods to make room for fall and holiday merchandise in the face of customers’ cautious spending, but the retailer’s adjusted second-quarter profits and sales still topped Wall Street expectations. “As we plan the remainder of the year and we think about 2024, we remain cautious on the pressures impacting our customer, especially …

Macy’s is opening more small stores in the West and Northeast in a bid to lure new customers
1 year, 4 months ago

Macy’s is opening more small stores in the West and Northeast in a bid to lure new customers

Associated Press  

NEW YORK — Macy’s is expanding its small-store format into the West and Northeast, looking to offer more convenient shopping, increase customer visits and add new shoppers. The new stores range in size from 30,000 to 50,000 square feet, roughly one-fifth the size of its regular department stores Macy’s said the four new stores will bear the iconic brand’s nameplate, …

Macy’s slashes expectations for the year after a pullback by shoppers in the spring
1 year, 7 months ago

Macy’s slashes expectations for the year after a pullback by shoppers in the spring

Associated Press  

NEW YORK — Macy’s slashed its outlook for the entire year as sales weakened in the first quarter during an increasingly challenging economic environment, including stubbornly high inflation. Macy’s results wrap up the retail industry’s fiscal first-quarter earnings season that showed how still high inflation, particularly in food, is forcing shoppers to further cut back on discretionary items like clothing …

Macy’s cuts corporate headcount by 3,900 as virus takes toll
4 years, 6 months ago

Macy’s cuts corporate headcount by 3,900 as virus takes toll

Associated Press  

NEW YORK — Macy’s said Thursday it’s laying off 3,900 people corporate staffers, roughly 3% of its overall workforce, as the pandemic takes a financial toll on the iconic department store chain’s sales and profits. In February, before the virus became a pandemic, Macy’s said it would cut 2,000 jobs in its corporate office and close 125 stores. Macy’s CEO …

Macy’s says reopened stores luring back customers
4 years, 7 months ago

Macy’s says reopened stores luring back customers

Associated Press  

NEW YORK — Macy’s said Tuesday that roughly several hundred stores that have reopened are performing better than anticipated as it disclosed an update on its fiscal first-quarter results. Excluding one-time items, it said it’s looking to report a loss of $2.03 per share when it reports final first-quarter results on July 1. In a statement, Macy’s CEO Jeff Gennette …

Reopened Macy’s stores are performing better than expected
4 years, 7 months ago

Reopened Macy’s stores are performing better than expected

CNN  

New York CNN Business — Perhaps there’s some light at the end of the tunnel for battered retailers: Macy’s just revealed that its first quarter won’t be quite as dismal as expected. “Our strong digital business sales trend continued throughout May, and it is encouraging to see that as we reopen a store, the digital business in that geography continues …

Macy’s expects it lost around $1 billion in a matter of weeks. Department stores are in trouble
4 years, 7 months ago

Macy’s expects it lost around $1 billion in a matter of weeks. Department stores are in trouble

CNN  

New York CNN Business — Macy’s released its preliminary earnings for the first quarter, and it ain’t pretty. Kohl’s said earlier this week that sales fell 43% last quarter, while sales at L Brands, the parent company of Victoria’s Secret and Bath & Body Works, dropped 37%. Macy’s, Kohl’s and L Brands’ results reflect how reliant traditional apparel chains are …

Macy’s to close 125 stores, shed 2,000 corporate jobs
4 years, 11 months ago

Macy’s to close 125 stores, shed 2,000 corporate jobs

Associated Press  

NEW YORK — Macy’s said Tuesday it is closing 125 of its least productive stores and cutting 2,000 corporate jobs as the struggling department store tries to reinvent itself in the age of online shopping. The corporate jobs will be shed as Macy’s closes its offices in Cincinnati and San Francisco, leaving New York as its sole corporate headquarters. Macy’s …

Macy’s will close 125 stores in the next three years
4 years, 11 months ago

Macy’s will close 125 stores in the next three years

CNN  

New York CNN Business — Macy’s said Tuesday that it will close 125 stores over the next three years, nearly one fifth of its total locations, in another blow to American department stores. Macy’s planned closings follow years of struggles at US department stores, which have been bruised by the rise of Amazon and the expansion of low-price clothing chains …

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