Macy’s (M) has announced that it will be closing 40 more stores in 2016.
Macy’s has been closing stores over the last few years and these new closures will account for 5% of its locations. The company hasn’t said which stores will close, but they only account for 1% of the company’s sales. The comapny saw disappointing sales in its most recent quarter and lowered its full-year guidance for the fiscal year, reports CNNMoney.
Macy’s said that it will announce which stores will be closed near the end of the year. The retailer said that some employees may be able to move to nearby locations when their store closes. Also, there will be severance packages for employees that lose their jobs from the closings, Atlanta Journal Constitution notes.
Despite the Macy’s store closings, it’s also planning to open six “Macy’s Backstage” locations. These stores will sell discounted items and some will be opened in places where stores have closed. Many retailers have been closing stores as customers turn to online for their shopping needs, reports CNNMoney.
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