Retail chains Macy’s and Kohl’s are set to shut down nearly 100 stores across the country, with the decision following several quarters of negative year-over-year revenue growth.
Macy’s is closing 66 stores across 22 states in an effort to “return the company to sustainable, profitable sales growth,” the retailer said in a Jan. 9 statement. Out of the 66 outlets, two have already been closed. A majority of the stores are expected to be closed during the first quarter of 2025. Meanwhile, Kohl’s announced plans to shutter 27 “underperforming stores” across 15 states by April this year.
Macy’s year-over-year quarterly revenue growth registered declines for the past 10 consecutive quarters. The retailer’s “Bold New Chapter” strategy plans to shut down 150 unproductive stores while “investing in its 350 go-forward Macy’s locations through fiscal 2026,” the statement said….