Macy’s just announced its quarterly earnings; there’s good news for shareholders, but bad news for shoppers and employees. Profits and revenue were better than expected. But the company is in the middle of a fight with investors that want to take the company private, so it has to do more than that to maintain control of itself. To that end, the company told investors that it will be closing 150 stores over the next three years.
“Over the past several years, we have taken proactive actions to fortify our operations, including strengthening our balance sheet, managing expenses and tightening inventory controls,” COO and CFO Adrian Mitchell said in a statement. “The dedicated work of our teams delivered a solid close to 2023 and provides a strong foundation for us to execute A Bold New Chapter.”
The closures also mean a bold new expense, to the tune of $1 billion.