Macy’s To Close Stores Across 18 States
The new year is starting off on a tough note for retail giant Macy's. The retailer announced this week they will be closing 28 stores in the coming weeks.
As of now Michigan is spared, but the effected stores are at malls in California, Connecticut, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Kansas, Kentucky, Maryland, Massachusetts, Montana, New York, North Carolina, Ohio, Pennsylvania and Washington. Macy's said the closures are an effort to boost its profitability and focus on its most profitable stores.
This is not a first for Macy's who announced back in 2016 that the company would close 100 stores and has since been closing locations when their leases expire. The announcement comes after many major retailers have closed up shop in the past few year such as Sears, Gymboree, Claire's, Forever 21, and Payless Shoes .
The department store chain is expected to share additional updates on its real estate plans during an investor meeting in on February 5th.