Macy's to Close 150 Namesake Stores, Grow Luxury Brands.

Macy's Inc. plans to close approximately one-third of its namesake stores in the US over the next three years in an effort to fend off activist firms seeking to acquire the company. The exact number of affected employees was not provided, but some workers may have the opportunity to transfer to nearby Macy's locations. Additionally, Macy's intends to expand its higher-end brands by adding 15 new Bloomingdale's and 30 Bluemercury locations by 2026. The company's real estate strategy is expected to free up between $600 million and $750 million of assets by 2026. Macy's has faced challenges due to changing consumer behavior favoring online and off-mall shopping, and it previously announced a plan to close 125 stores in 2020. [Extracted from the article]