CNN: Macy’s to close 11 stores as part of ‘restructuring’
Macy’s has announced plans to close its 11 stores across the country, in part due to a “restructured and strategic restructuring.”
The stores will close their doors on September 1.
The company will also shutter some of its other locations in North America.
The closures include Macy’s flagship store in Manhattan, Macy’s in the Bronx, and Macy’s, in the Washington, D.C., area.
The closures come as Macy’s struggles to find new business, as the company has lost more than 1,000 stores and more than a million customers over the past several years.
It’s also been forced to slash spending and focus on selling less of its namesake brand.
The Macy’s closure comes as the Macy’s chain continues to face a $1.8 billion bankruptcy filing, the largest in U.S. history.
Macy’s stock was up nearly 2% to $30.45 in after-hours trading.