Macy’s To Close Dozens Of Stores In Early 2016

Just hours after Macy’s announced it would begin selling consumer electronics through Best Buy outlets in some of its stores starting this fall, the company announced it would also shutter dozens of underperforming locations beginning next year.

The retailer said Tuesday that it will shut 35 to 40 stores – or about 1% – of its 770 Macy’s-branded locations in the U.S.

The locations of the closing stores – which are expected to shut their doors in early 2016 – will be announced at a later date. The company says that the stores’ annual sales volume, which is expected to be retained in nearby stores and online, totals roughly $300 million.

Macy’s says the decision to close the stores came as the company continues to focus on online sales.

“While making the decision to close stores is difficult, we know it is necessary for us to remain competitive as customer shopping patterns continue to change,” Terry Lundgren, Macy’s CEO, said in a statement.

Macy’s is no stranger to closing stores. Earlier this year the company announced it had closed 14 stores and opened two in a restructuring effort. In all, the company said on Tuesday that it has closed 52 Macy’s stores in the past five years, and opened 12 new locations.

Want more consumer news? Visit our parent organization, Consumer Reports, for the latest on scams, recalls, and other consumer issues.