Two nationwide department store retailers, Macy’s (NYSE: M) and Kohl’s (NYSE:KSS) have announced plans to close stores.
Macy’s confirmed the closure of 66 of what it defined as “non-go-forward store locations.” The company stated the closures were a part of its the “Bold New Chapter” strategy first announced last February 2024 to strengthen the company’s financial strength by shuttering 150 stores by the end of 2026, or roughly one-third of its locations. Macy’s released a list of the stores that will be closed, which will occur during the first quarter of this year.
“Closing any store is never easy, but as part of our Bold New Chapter strategy, we are closing underproductive Macy’s stores to allow us to focus our resources and prioritize investments in our go–forward stores, where customers are already responding positively to better product offerings and elevated service,” said Tony Spring, chairman and CEO of Macy’s Inc.
Separately, Kohl’s announced it will close 27 underperforming stores by April. The retailer will also shutter its San Bernardino, California-based e-commerce fulfillment center in May when the lease on that facility expires. Kohl’s operates more than 1,150 stores and 15 e-commerce fulfillment centers.
“We always take these decisions very seriously,” said CEO Tom Kingsbury. “As we continue to build on our long-term growth strategy, it is important that we also take difficult but necessary actions to support the health and future of our business for our customers and our teams.”
Photo: Mike Mozart / Flickr Creative Commons
