Macy’s to close ONE HUNDRED of its 675 big-box stores to focus on online sales, as profits plunge

Thursday, August 11, 2016
By Paul Martin

Macy’s announced Thursday the plan to close 14 per cent of its stores
Department store chain is refocusing on online sales
Comes after profits and sales in the second quarter fell
Over the past year, the chain’s stock has been on a downturn
But stocks went up after the announcement on Thursday, rising 14 per cent in early trading
11 August 2016

Macy’s said Thursday it plans to close about 100 stores next year and boost its online investments as the nation’s largest department store chain tries to become more nimble in an increasingly fierce market. The closures represent close to 14 per cent of its stores under the Macy’s brand.

The company, which operates the upscale Bloomingdale’s stores as well, said it would increase its exclusive products and would prioritize its investments in the stores that offer the highest growth potential.

Macy’s also reported Thursday that second-quarter profits and sales fell. The results, however, beat Wall Street estimates, and its shares rose more than 14 per cent, or $4.95 to $38.95 in early trading.

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