Macy’s will close an additional 45 stores by mid-2021 as part of its previously announced plan to shutter 125 locations by 2023. Liquidation sales have already started at some of the stores, while the rest are scheduled to start later in January.
The retailer is aiming to adjust its footprint until it has “the right mix of mall-based stores,” a company spokesperson told CNBC. Macy’s CEO Jeff Gennette previously revealed plans to open several smaller Macy’s and a Bloomingdale’s concept store at non-mall locations, as well as a continued effort to grow its discount Macy’s Backstage brand.
The company currently operates 544 Macy’s stores, 34 Bloomingdale’s locations, 19 Bloomingdale’s outlets and 166 Bluemercury stores.