Macy’s, which has launched a comprehensive strategy to revitalize its struggling business, said Wednesday it is accelerating store closures planned for this year.

CEO Tony Spring told analysts during a conference call that Macy’s now expects to close about 65 locations this year, up from the previous forecast of 50 announced earlier in the year.

However, Spring added that the “closures will occur after the holidays.”

The company remains on track with plans to close 150 locations within three years as part of its “Bold New Chapter” strategy announced in February.

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The goal, according to Spring, is this Get a fleet that can “provide sustainable, profitable growth for the business.”

Chief Financial Officer Adrian Mitchell reiterated that the company only closes underperforming stores.

A woman shops at Macy’s Herald Square in New York City on November 25, 2022. (Reuters/Brendan McDermid / Reuters Photos)

“These are places where the economic situation is not so favorable. These are places where the customers have left these malls to shop. And they are businesses that are just incredibly difficult to run. “I’ll just start with that basic premise,” Mitchell said.

He continued, saying that “very few stores are actually located in single-store markets. And that’s important because in an omni-business we continue to find that we have by far not just a physical presence, but also a digital presence.” “We have the best economics.”

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The company had previously announced that once all planned closures were implemented, there would only be 350 stores left. It also announced plans to add about 45 Bloomingdale’s and Bluemercury locations at the same time. Both brands continued to see sales growth.

Part of the company’s strategy includes remodeling 50 key stores, also known as the “First 50,” to serve as a model for the next generation of Macy’s stores. Mitchell said the company is already encouraged by the performance of the First 50 stores. Sales at these stores rose 1.9% in the third quarter.

On Wednesday, Spring said the company plans to open another nine new stores and remodel two more stores in the fourth quarter.

People walk past a large Macy’s billboard on a building in front of the Macy’s Herald Square store in New York City on October 8, 2021. (Gary Hershorn/Getty Images / Getty Images)

Activist investor Barington Capital Group said earlier this week that it “sees promising potential in the new plan, as it involves closing a significant number of Macy’s locations with very low productivity.”

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“We believe this action, coupled with further cost reductions the company plans to achieve, will result in a healthier store base that can deliver consistent sales growth and profit improvement,” Barington Capital Group said.