Macy's to close 100 stores
Macy’s will close 100 department stores due to declining sales.
The chain business will pour focus its concentration and money into its online business, after a difficult 18 months.
Department stores are struggling across the globe, thanks to shoppers increasingly depending on the internet for their shopping.
Macy’s currently runs 728 stores and will slash that number substantially in order to stay afloat.
Total sales fell 7.4 percent in the first quarter of 2016, and a further four percent in the second.
Macy’s issued a press release detailing its plans for the immediate future, and despite the closures, it remains confident that such measures will only aid the business.
Terry J. Lundgren, Macy’s Chairman and CEO, said: “We operate in a fast-changing world, and our company is moving forward decisively to build further on Macy’s heritage as a preferred shopping destination for fashion, quality, value, and convenience.
“This involves doing things differently and making tough decisions as we position ourselves to serve customers who have high expectations of their favorite stores, online sites, and apps.”
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