Major US retail chain to close 150 stores

Macy's, one of the major US retail chains, has announced that it will close approximately 150 of its stores by 2026.

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Major US retail chain to close 150 stores

In a statement released by the company, it was reported that as part of a new strategy, approximately 150 underperforming stores will be closed by 2026, with a focus on reallocating resources. The statement also noted that the company will focus on the luxury market.

SALES DECLINED

Meanwhile, Macy's released its balance sheet for the last quarter of last year. Accordingly, the company's net sales in the fourth quarter of last year fell by 1.7 percent compared to the same period of the previous year, dropping to 8.1 billion dollars.

Macy's net sales also fell by 5.5 percent annually in 2023, down to 23.1 billion dollars.

Additionally, the company incurred a loss of 71 million dollars in the last quarter of last year.

News Source: 12punto