Macy's Is Closing More Than 2 Dozen Stores in 2020

In August 2016, Macy's (NYSE: M) announced that it would close approximately 100 stores across the U.S. in an accelerated fashion -- with most of the closures occurring the following year. Sure enough, Macy's shuttered 63 stores in early 2017.

Since then, Macy's has closed approximately 30 additional stores as leases expired or properties were sold. That lined up almost exactly with what the company had said it would do in order to complete the right-sizing of its store portfolio.

Unfortunately, following a rebound in sales and earnings trends that began in late 2017, Macy's has come under renewed pressure over the past year. As a result, the pace of store closures is set to accelerate again in 2020. In fact, Macy's has already confirmed plans to close more than two dozen stores this year, which will bring its cumulative total since mid-2016 to well beyond the original target of 100.

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Source Fool.com