(Reuters) -Department store operator Macy’s (NYSE:) said on Thursday it will close 66 store locations as part of a strategy it announced last year.
The company said it will invest in 350 “go-forward” Macy’s locations across the country through fiscal 2026.
The closures come months after the company announced it would be closing 150 “underproductive” stores over the course of three years as it struggles to get back on its feet after a lackluster 2024.
Macy’s stock shed more than 15% in the last twelve months and in December, the upscale retailer cut its annual profit forecast due to weak demand for its apparel and shoes.
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