Macy’s (M) has announced plans to close more department stores across the U.S. as its finances continue to erode.
The New York-based company said it will close 66 stores as part of an ongoing strategy to control costs.
The latest stores closures come months after Macy’s announced that it will close 150 stores over the next three years.
Macy’s has struggled since most of its more than 700 department stores were forced to close or operate at reduced capacity during the Covid-19 pandemic.
The company, which is approaching its 100th anniversary, saw its sales decline further in 2024.
Macy’s recently lowered its annual profit forecast due to weak demand for the apparel and shoes it sells.
The department store chain is also struggling as consumers migrate to online shopping and e-commerce sales channels.
Macy’s has received several offers to be taken private but has rejected all those proposals.
At the same time, the company has begun opening smaller stores in suburban strip malls and adding new locations of its better-performing brands Bloomingdale’s and Bluemercury.
Macy’s stock has declined 16% over the past year to trade at $16.03 U.S. per share.
