Macy’s is closing roughly more than two dozen stores as troubles mount for the storied retailer
The company confirmed to CNN Business that it’s shuttering 28 Macy’s locations and one Bloomingdale’s location in the coming months. Closures affect locations in several states, including Florida, California and Georgia, according to lists compiled from various media reports.
Macy’s reported Wednesday that sales in November and December declined only 0.6%, alleviating fears from investors that it would be a dreadful holiday shopping period. The stock jumped 2% in early trading before retreating.
Macy’s CEO Jeff Gennette said the lower sales were “steeper than we expected.” He blamed warm weather, fewer tourists shopping in stores and problems at lower-tier malls. Shares of Macy’s () have lost roughly 40% over the past year.