Macy's will close 65 stores after the holidays this year

Macy’s is closing more stores than originally announced earlier this year.

According to the company’s third-quarter earnings report, the department store chain is expected to close 65 locations by the end of the year, an increase from the 50 locations the company said it would close by the end of the fiscal year in February.

“We now expect to close approximately 65 locations this year,” Macy’s CEO Tony Spring said on the earnings call. “In our typical rhythm, there will be closures after the holidays.”

The retail giant said in February that it plans to close 150 “unproductive” stores, or about 30% of all its locations, by 2026, while prioritizing investment in 350 “future-facing” stores. Macy’s also said at the time that the move, dubbed “A Bold New Chapter,” will allow it to focus its resources and prioritize other stores.

“A bold new chapter serves as a powerful call to action. “It challenges the status quo to create a more modern Macy’s, Inc.,” Macy’s CEO Tony Spring said in a statement in February. “We are taking the necessary steps to reinvigorate relationships with our customers through improved shopping experiences, relevant assortments and compelling product value.”

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The company continues to plan to expand the Bloomingdale’s and Bluemercury brands

Despite the planned closure of Macy’s locations, the company says it will also expand Bloomingdale’s and Bluemercury by a total of 45 locations, a sign of increased investment in the luxury sector.

The company announced plans earlier this year to open about 15 Bloomingdale’s stores and at least 30 Bluemercury locations over the next three years. Around 30 Bluemercury branches will also be remodeled.

In its third-quarter earnings report, the company said it has remodeled five Bluemercury locations and opened nine new locations so far this year.

Macy’s Employee Update:Macy’s says employee who allegedly hid $150 million in expenses had no major ‘impact’

Macy’s says employee who allegedly hid $150 million in expenses had no major ‘impact’

Macy’s third-quarter earnings report also delved further into potential impacts to the company’s financial performance after an employee allegedly hid $151 million in delivery costs over nearly three years.

The company said that after completing an independent investigation into the matter, it determined there was “no material impact on financial results for any historical annual or interim period.”

In late November, Macy’s disclosed that an employee “responsible for billing delivery costs for small packages intentionally made erroneous accrual entries” to account for between $132 million and $154 million of total delivery costs from the fourth quarter of 2021 through the fiscal quarter that ended in November, to hide . 2, says the department store chain’s press release.

During the alleged conduct, Macy’s recorded approximately $4.36 billion in delivery costs, the company said, adding that there was no indication that “the erroneous accrual entries had any impact on the company’s cash management activities or supplier payments.” “.

According to the press release, the person accused of hiding millions of dollars is no longer employed by the company. Additionally, an independent investigation did not identify any other employees involved in the alleged misconduct, the retailer said.

Julia is a trends reporter for USA TODAY. She has reported on a variety of topics, from local businesses and government in her hometown of Miami to technology and pop culture. You can follow her X, formerly known as TwitterInstagram and TikTok: @juliamariegz.

Diana Leyva covers breaking news and service journalism for The Tennessean. Contact her at [email protected] or follow her on X, the platform formerly known as Twitter, at @_leyvadiana

Gabe Hauari is a nationally featured news reporter at USA TODAY. You can follow him on X @GabeHauari or email him at [email protected].

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