Macy’s accelerates closures this year [Video]

Macy’s, which launched a comprehensive strategy to revive its struggling business, on Wednesday announced that it is accelerating its planned store closures for the year.

CEO Tony Spring told analysts during an earnings call that Macy’s now expects to close about 65 locations this year, up from its previous forecast of 50 announced at the start of the year.

However, Spring added that the “closures will occur post holiday.” 

The company is still on track with its plans to close 150 locations over three years as part of its strategy dubbed, a “Bold New Chapter,” that was announced in February. 

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The goal, according to Spring, is to get to a fleet that “can provide sustainable, profitable growth for the enterprise.” 

CFO Adrian Mitchell reiterated that the company is only closing under performing stores. 

“These are places where the economics are not as favorable. These are places where customers have shifted away from those …