150 Macy’s Stores to Close in 3 Years

Macy’s (New York) will close 150 “underperforming” department stores in the next three years, according to a company plan revealed Tuesday.

Macy’s parent company, Macy’s Inc., reported a decline of 1.7 percent year over year in Q4. The Macy’s banner fell 4.7 percent. Macy’s recently declined a $5.8 billion take-over bid, which would have made the company private.

Also outlined in the company plan, Macy’s Inc. will open 15 Bloomingdale’s stores, 30 Bluemercury stores and 30 small-format stores.