Macy's to close 100 stores, locations not announced

CINCINNATI

Cincinnati-based Macy's announced today that it plans to close 100 full-line stores early next year out of its 675 full-line stores.

Locations of those stores will be announced at a later date, the company said.

“Nearly all of the stores to be closed are cash flow positive today, but their volume and profitability in most cases have been declining steadily in recent years," said Jeff Gennette, Macy’s, Inc. president, in a release. "We recognize that these locations do not yield an adequate return on investment and often do not represent a customer shopping experience that reflects our aspirations for the Macy’s brand."

For its stores that will stay in business, Macy's said it will invest in improvements and digital vehicles.The retailer will add new vendor shops, increase the size and quality of staff, integrate new technology and create a new experience for the customer.