Macy's Announces Closure of 150 Stores, Shifts Focus to Luxury Market

Macy's plans to close approximately 150 stores nationwide, focusing on luxury sales and reorganizing its business. The company will pivot to a greater focus on luxury sales, with plans to close "underproductive" locations and expand its Bloomingdale’s and Bluemercury brands. CEO Tony Spring stated that the company is making necessary moves to improve customer relationships and shopping experiences. Macy's has been under pressure from investor activists seeking an outright sale of the company, but recently rejected a takeover offer.