Macy’s to close 30 stores

By The Associated Press 11:12 AM on Jan 8, 2020

NEW YORK — Macy’s is closing nearly 30 stores in coming weeks, though the company reported some improvement in comparable-stores sales during the crucial holiday shopping season.

Macy’s sales at stores opened at least a year fell 0.6% during the November and December period, which was not as bad as most industry analysts had anticipated. Shares rose more than 2% in early trading Wednesday.

Like other department stores, Macy’s is struggling to adapt to a shift online by customers, and also intense competition from off-price discounters like T.J. Maxx.

Macy’s has pursued a number of strategies as a way to get shoppers back. That includes expanding an off-price concept at its Macy’s stores called Backstage. It also recently teamed up with resale site ThredUp. The company’s Bloomingdale’s division has recently launched a clothing rental service. (READ MORE)