Macy’s To Close Another 100 Stores

Macy’s has announced plans to close about 100 more of its department stores, which is about 15%, CNN Money reports. The stores will close by early 2017.

The move comes as Macy’s revealed a 96% plunge in profits, even though its sales fell less than feared. Wall Street applauded the dramatic store closures, sending the stock surging 16%, on track for its best day since 2008.

The retailer stated that its new strategy is “to concentrate its financial firepower and talent on its best-performing locations.” Macy’s will invest In its strongest stores by higlighting new vendors, increasing staff and implementing new technology.

Terry Lundgren, CEO, Macy’s stated: “We operate in a fast-changing world, and our company is moving forward decisively to build further on Macy’s heritage.”