Macy's is about to announce another round of store closings
- Macy's is planning to announce another round of store closures, the company told Business Insider.
- After the upcoming round of closures, Macy's will have fewer than 600 stores, down from nearly 800 in 2014.
Macy's will announce another round of store closures this week as it continues to battle slowing sales and growing online competition.
Fewer than 30 stores will be on the forthcoming list of closures, the company confirmed to Business Insider.The closures are part of a plan announced in August 2016 to shut down 100 stores, or about 15% of Macy's store base at the time. As of late October, 74 of those 100 stores were either closed or announced to be closed.
"Macy's, Inc. has been reviewing its real estate portfolio across the country to see if there are opportunities to improve the use of our assets," the company said in a statement to Business Insider. "While closing a store is always a difficult decision because of the impact on our customers, our associates and the community, we deeply appreciate the loyalty of our customers and associates."
The company said regular, non-seasonal employees who we are unable to find a job at nearby Macy's stores will be eligible for severance.
Final clearance sales will kick off shortly after the closings are announced and last roughly three months.
After the upcoming round of closures, Macy's will have fewer than 600 stores, down from nearly 800 in 2014.
Macy's total sales dropped 6.1 percent, to $5.28 billion, in the most recent quarter. Same-store sales at its namesake stores, or stores open at least a year, declined 3.6%.