Macy's to shut down 150 stores by 2026

Feb. 27 (UPI) -- Retail giant Macy's is preparing to shut down up to 150 locations over the next two years, the company announced Tuesday.

In a press release Tuesday, Macy's said it would be "focusing resources by closing approximately 150 underproductive locations, including approximately 50 by the end of the fiscal year."

While some Macy's-branded locations will be shut down, the company plans to keep investing in its 350 other locations.

"A bold new chapter serves as a strong call to action. it challenges the status quo to create a more modern Macy's Inc.," said Macy's CEO Tony Spring.

The company said it would be "prioritizing investment in approximately 350 go-forward locations and the continued expansion of small-format stores."

Additionally, the company will continue to invest in its subsidiary outlets, including Bloomingdale's and Bluemercury, which the company says have been "outperformers within the Macy's Inc. portfolio across the broader luxury landscape."

The company says it will open about 15 new Bloomingdale's nameplate stores, about 30 new Bluemercury stores, and that it will remodel about 30 Bluemercury stores over the next three years.