Macy’s Announces Plan To Close 100 Stores
Since 1858, Macy’s steadily grew from an ambitious idea to a billion-dollar company. But with consumers slowly taking their shopping online, the conglomerate announced a decision that’s turning heads.
According to Reuters, Macy’s will close about 100 stores in order to “turn around its business after six quarters of falling sales.” To still sustain their flagship stores like the Herald Square location in New York City, Macy’s will seek out partnerships.
Macy’s Chief Executive Terry Lundgren shared a statement on the decision, revealing, “Over the past few months, we have been saying that a setback is a setup for a comeback, and we now believe we are set up well to proceed to a comeback.”