In a move that underscores its commitment to transforming its business, Macy’s, Inc. has announced the closure of 66 underperforming store locations across the United States. This decision is part of the company’s “Bold New Chapter” strategy, unveiled in February 2024, which aims to reposition the iconic retailer for long-term success.

The store closures, which are expected to be completed by the end of the year, will enable Macy’s to focus on its high-performance locations and invest in initiatives that drive growth, improve customer experience, and enhance its e-commerce capabilities.

“We are taking deliberate steps to transform our business and invest in areas that will fuel our growth and profitability,” said Jeff Gennette, Chairman and CEO of Macy’s, Inc. “By closing underperforming stores, we can redirect resources to our top-performing locations and accelerate our strategy to create a more dynamic and engaging shopping experience for our customers.”

The store closures will affect locations in various states, with the majority being in California, Florida, and Texas. Macy’s has pledged to support impacted employees through severance packages and outplacement assistance.

The company’s “Bold New Chapter” strategy is built around three key pillars: delivering a compelling brand experience, investing in e-commerce and digital capabilities, and creating a more agile and efficient operating model. By closing underperforming stores, Macy’s can concentrate on delivering a more personalized and engaging experience for its customers, while also driving profitability and growth.

Macy’s has been actively working to revamp its business in recent years, investing in initiatives such as its loyalty program, mobile app, and online marketplace. The company has also been exploring new formats, such as its Market by Macy’s concept, which offers a curated selection of products and services in a smaller, more flexible store environment.

As the retail landscape continues to evolve, Macy’s is positioning itself for success by embracing change and focusing on areas that will drive growth and profitability. With its “Bold New Chapter” strategy, the company is taking a proactive approach to transforming its business and delivering a more compelling experience for its customers.