Macy's will close 10 stores in the US in January: the fate of the rest is in question

Macy's said it is reviewing the closure of about 60 of the 125 remaining open stores that were slated to close by 2023. Nevertheless, Macy's plans to announce the closure of 10 of them in January 2022, and postpone further closings. CNBC.

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“Delaying some store closures allows us to maintain a physical presence in the market, which is critical to driving profitability,” the company's chief financial officer, Adrian Mitchell, told analysts. “Digital performance is higher in markets where we have stores.”

Macy's is testing out-of-mall stores and smaller establishments as it closes its larger offices adjacent to traditional malls. Mitchell said these discoveries resulted in strong sales that exceeded the company's expectations.

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The additional closings were announced as Jana Partners acquired a stake in the department store business. An activist investor is pressured Macy's to separate its e-commerce business from its stores.

Macy's CEO Jeff Gennett said the company is working with consulting firm AlixPartners to consider all options.

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“We recognize that the market places significant value on pure e-commerce,” Gennett said. “And when we look at the situation today, we conduct additional analysis that can help shape our long-term strategy.”

He said the company will share more details of its findings after reviewing AlixPartners.

Macy's closed up 21,1%. At one point, they hit a three-year high of $ 37,95 after the company beat analysts' expectations for third-quarter earnings and sales and raised its full-year forecast.

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