Macy’s Is Closing Some Stores At Low Performing Malls


Macy's reportedly plans to close 45 stores by the middle of this year.

CNBC reports that this latest round of shutdowns is part of the 163-year-old retailer's plan to close more than 120 stores and cut two-thousand jobs over the next few years.

The closings are targeted at C and D class malls, which see poor foot traffic. There are only about one thousand malls open in the U.S. now.

Macy's says later today it will release a list of the stores it will close in the next six months. Macy's has been struggling for years and, along with other department stores, temporarily closed all its stores when the coronavirus pandemic ramped up last March.

Source:CNBC