Macy’s ($M) set to close 55 stores by the end of 2024

Macy’s CEO confirms that the company will be closing locations, in the amount of 55, due to the underperforming numbers. Although second-quarter sales of Macys fell slightly, announcing $4.9 Billion, earnings per share was seen to exceed expectations. Overexpansion consequences are what we are seeing with Macy and other retailer stores as many are looking online to shop for retail. More and more pressure from stores like Amazon, Ebay, Walmart, and Target are taking the competition away from retail stores like Macy. Macy has announced that they also plan to close more stores in the future and will be investing in locations that are producing more revenue. Overall the goal will be to focus and streamline operations on the more profitable stores and cut the fat on the stores burning holes in Macy’s expense sheet.