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Macy’s to Shut Extra Shops This 12 months

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Macy’s (NYSE:M) has launched an inventory of the handful of shops that it plans to shut this yr.

It contains six full-line shops, a Bloomingdale’s outlet retailer, and a Macy’s retailer that the corporate stated already closed final yr however was by no means introduced publicly.

The Bloomingdale’s location at Miromar Retailers in Estero, Florida, is ready to shutter by the top of the fiscal fourth quarter, Macy’s stated. The opposite six full-line areas ought to shut by the top of the primary quarter of 2022.

“Shops stay an integral a part of our omnichannel retail ecosystem,” stated a Macy’s spokeswoman.

“As our enterprise evolves, we proceed to optimize and reposition our retailer fleet to extra successfully help our omnichannel gross sales progress and broaden market share.”

Macy’s will supply impacted employees at these areas severance packages or different roles at close by shops, she stated. The corporate declined to say what number of staff work at these websites.

In mid-November, Macy’s introduced it will be closing about 10 shops in January. The retailer had been on monitor to shut extra areas, nevertheless it stated it was reconsidering when it will shut the roughly 60 remaining open shops out of a batch of 125 closures that focused to go darkish by 2023.

Final January, Macy’s had introduced an inventory of dozens of division retailer areas to be closed as a part of its three-year plan. However the tempo of closures is slowing as Macy’s operates a leaner portfolio of shops right this moment. It has 516 full-line Macy’s shops.

Macy’s inventory rose a whopping 143% in 2021.

M shares began out Thursday forward 34 cents, or 1.3%, to $26.77.

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