Macy's Announces Closure of 150 Stores, Focuses on Luxury Expansion

Macy's plans to close about 150 of its namesake department stores, focusing on underperforming locations while investing in better-performing chains like Bloomingdale's and Bluemercury. The company will open new Bloomingdale's and Bluemercury stores in the next few years, with a focus on luxury and beauty products. The changes come as Macy's reported that its namesake stores performed worse than its other chains, and reflect a strategy shift under new CEO Tony Spring.