Macy’s to close 150 stores and pivot to luxury boutiques as retailer looks to regain slumping sales

Amid slumping sales and pressure from investors, Macy’s is looking to make some steep changes.

The Lowdown

Macy’s has announced a plan or attempt to regain slumping sales. According to the retail chain, 150 stores across the next five years will see their locations shuttered and at least 3.5% of the company’s workforce will be let go.

In the same announcement, the chain announced it instead would open 15 of its higher-end Bloomingdale’s stores and 30 total of its luxury Bluemercury cosmetics locations.