Department store giant Macy’s plans to close 65 stores by the end of January 2025, adding another 15 stores to the closure list.

It was previously reported that the retail giant would close around 50 stores, but it has since increased that number. In a Dec. 11 call obtained by Motley Fool, Macy’s Chief Financial Officer and Chief Operating Officer Adrian Mitchell said the current “deal-making market” is quite favorable.

“In real estate, we recorded gains on asset sales of $66 million during the quarter, reflecting the preference of select deals from the fourth quarter into the third quarter,” Mitchell said. “The environment for doing business remains favorable. As Tony mentioned, we now expect to close approximately 65 locations this year, up from our previous expectation of 55 and 50 at the start of the year.”

These stores are included in the brand’s recent decision to close approximately 150 underperforming locations by 2026. Macy’s has not yet announced which stores will close, but said the closures will occur after the holiday season.

In addition to the Bloomingdales and Bluemercury cosmetics properties, the company has 479 department stores and 24 smaller stores.

The entire third-quarter earnings report was postponed last month after it was revealed that a Macy’s employee intentionally concealed up to $154 million in expenses, Syracuse.com reported.

Macy’s CEO Tony Spring said the investigation into this employee is now complete.

“Our investigation is now complete,” Spring said. “We have determined that beginning in the fourth quarter of 2021 and subsequent periods, the individual responsible for the issue intentionally made incorrect accrual accounting entries, acted alone, and did not pursue these actions for personal gain. As we noted in our press release this morning, we have concluded that these incorrect accounting entries had an insignificant impact on our cumulative financial results and no impact on our liquidity position as all suppliers have been paid in full.”

Still, Spring said the company executed its “bold new chapter strategy” well and its stores performed well in the third quarter.

“We are now three-quarters of our three-year Bold New Chapter strategy in the books and three consecutive quarters of sales growth and improved Net Promoter Scores, resulting in our third consecutive quarter of positive sales at Macy’s First 50 locations as well as Bloomingdale’s and Bluemercury leads positive results in the third quarter.”

Spring went on to say that all of the stores are doing well and that this new plan will bring them closer to a “more profitable Macy’s Inc.”

“All of our brands are well-positioned for growth, supported by end-to-end operations that deliver customer-focused benefits and cost savings, as well as improving enterprise-wide inventory management,” Spring said. “While we still have much work to do, we believe our bold New Chapter initiatives, including the closure of approximately 65 unplanned locations this year, will bring us even closer to our future end state of becoming a more profitable Macy’s .” Inc.”

There are 22 Macy’s stores in Pennsylvania, but it is unclear whether any of them will close in the next two years.