Macy's Reportedly Will Close 45 Stores by Mid-2021
Department store chain Macy's (M) - Get Report is reportedly closing 45 stores by this summer, a media report said.
The retail chain has reportedly told employees at 45 locations that the stores will shut down by midyear, according to CNBC.
The closures are part of previously announced plans to close 125 stores.
Liquidation sales have started at some locations, and the rest are slated to start later this month, CNBC reported.
CNBC could not immediately obtain a list of the roughly 45 locations.
“As previously announced, Macy’s is committed to right-sizing our store fleet by concentrating our existing retail locations in desirable and well-trafficked A and B malls,” a spokeswoman told CNBC in a statement.
“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.”
Last month, Jefferies analyst Stephanie Wissink upgraded Macy's to buy on expectations of increased discretionary spending in 2021.
The Cincinnati chain, the analyst said "needs to aggressively seek improved [merchandise] margins and reduce the expense burden at both the field and corporate level - early evidence of both. Real estate CAN be an asset but needs to be fully reimagined in ways that inspire foot traffic."
In November, Macy's posted a narrower-than-expected third-quarter loss and noted that it continued to monitor the impact of the coronavirus pandemic on its business heading into the final months of the year.
At last check Macy's shares were trading up 2% at $11.45.
