The company said Macy’s will close another 45 stores this year as part of a three-year plan aimed at keeping the department store chain profitable.
A company spokesperson said on Tuesday that Macy’s is “committed to adjusting our fleet of stores” by focusing on the locations where many trade in malls.
The company said, “To this end, we announced today that many stores will be closed in line with the directives we provided in February 2020.” “These closures bring us closer to achieving the right mix of stores in malls.”
The company has not provided a list of which stores will be closed. It also did not say how many jobs would be lost.
last year,The strategy called for the closure of 125 stores in what it called “lower level shopping centers” and the layoff of 2,000 company workers. Under the plan, Macy’s said it would invest more in its online store and mobile app, which officials said accounts for more than $ 6 billion in sales annually. An additional 80 stores are slated to close in 2022 and 2023 under Polaris.
Messi officials He said They expect Polaris to save the company about $ 1.5 billion over the next three years and have saved $ 600 million in 2020. CEO Jeff Genet said last February that Polaris will give Macy “sustainable and profitable growth.”
In her latest earnings, Macy’s mentioned $ 91 million in losses compared to the same period in 2019. The revenues of the third quarter of 2020 decreased to $ 4 billion compared to $ 5.1 billion during the same quarter of 2019.
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