Macy's Is going Down

Macy’s Inc. announced Aug. 11 that it will close about 100 of its full-line department stores out of the company’s total portfolio of 728 stores, with most closing at the beginning of 2017, said Jim Sluzewski, senior vice president for corporate communications and external affairs, in a news release. “In a number of cases, stores will be closed as the value of the real estate exceeds their value to Macy’s as a retail store,” he said in the release. The company will inform its store closing decisions directly with the staff of the facilities being shut down and Macy’s associates may be offered positions in nearby stores, the release said. However, Sluzewski declined to comment on which specific stores will be closed until final decisions are made. No timeline was proposed for this announcement. The actions are part of a corporate-wide initiative to increase Macy’s profitability and shareholder value going forward, the release stated. Plans for the company also include adding products exclusive to the department store, redesigning Macy’s physical stores to highlight its high income potential departments such as fine jewelry and reallocating investments to “the company’s highest-growth-potential stores and digital businesses,” it stated.