Macy’s intends to shutter 55 of its locations by the end of 2024.

“The troubled retailer announced in February that it would shut 150 underperforming stores over the next three years – with 50 shuttering by the end of 2024,” Daily Mail noted.

However, the department store chain has upped the number of locations it expects to close to save costs.

Macy's Set To Close 55 Stores By The End Of 2024 https://t.co/9WeoFPFKG9

— zerohedge (@zerohedge) September 8, 2024

Per Daily Mail:

Macy’s has yet to announce exactly which stores will be affected, but employees are speculating whether their location could be on the chopping block.

Like many department stores, Macy’s has been suffering from dwindling sales amid the stratospheric rise of online rivals and the demise of America’s suburban malls.

During Macy’s latest earnings call, chief financial officer Adrian Mitchell said that the company is ‘very pleased with the progress’ that it is making in selling off its bricks and mortar stores to landlords and developers.

‘We’re very pleased with the value we’re able to unlock in those deals and those transactions,’ he said.

The company appointed a new CEO, Tony Spring, earlier this year, who announced a major turnaround effort.

This includes closing more than a third of stores – leaving just 350 nationwide by 2026 – and focusing more on its luxury offerings Bloomingdale’s and Bluemercury.

🚨 MACY’S WILL SHUT DOWN 55 LOCATIONS BY THE CLOSE OF 2024

The iconic department store is preparing for significant downsizing as part of its restructuring efforts. pic.twitter.com/kCjCyihsWJ

— JAKE (@JakeGagain) September 9, 2024

Macy's to close 55 stores in 2024. Which Wisconsin locations could be affected? https://t.co/OIFWJuY4qm

— Journal Sentinel (@journalsentinel) September 6, 2024

Retail Wire reports:

The locations of the shuttering stores have not yet been announced, but speculation is abounding that the stores will include a location in Newington, New Hampshire, one in Traverse City, Michigan, and one in WestShore Plaza mall in Tampa, Florida. These stores are reportedly set to close after the winter holidays.

“The biggest things that have gone wrong at Macy’s are the quality of the stores and the product assortment,” GlobalData Retail analyst Neil Saunders said to the outlet. “And so over the years customers have deserted it, sales have tumbled and store productivity has gone down. All the metrics have gone in the wrong direction.”

News of these closures comes shortly after Macy’s announced that it was diverting funds to its in-house brands in yet another effort to turn the proverbial ship around.

According to TheStreet, the shop has resurrected or introduced a number of other brands, including On 34th and State of Day, as part of its rehabilitation drive. It plans to launch a men’s collection before the end of the year, and a new kids’ brand will follow next.

But Macy’s significant rebrand goes beyond simply bringing back well-known brands. The mall mainstay is purportedly concentrating more on its well-known high-margin luxury products in an attempt to attract customers with a little more disposable income.