Macy’s is the latest company to announce store closings, with 35–40 stores expected to shut down early next year.
The brand currently numbers 770 stores.
According to a Macy’s statement, the closing stores’ annual volume equals $300 million, about one percent of sales.
The statement said the locations of closing stores will be communicated at a later date. The company added that it’s committed to treating affected associates “with respect and openness,” and if possible, they will be offered positions at nearby stores.
In a statement, chairman and CEO Terry J. Lundgren said that the company is committed to brick-and-mortar locations.
“Physical stores remain absolutely vital to our omnichannel strategy, which provides local touch points and tailored merchandise assortments for [local] shoppers,” he said. “As new shopping centers are opened, however, many customers change their shopping habits and often the sales volume of a store gets divided.”
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