Department store chain Macy’s Inc. (NYSE:M) confirmed the closure of 66 stores as part of its “Bold New Chapter” strategy. Announced in February 2024, this strategy aims to improve profitability by eliminating underperforming locations and focusing resources on its more successful stores.

Macy's (NYSE: M) is closing three longtime Seattle-area stores as part of its companywide shift to boost profitability. The retailer announced Thursday that its department stores at the Puyallup and Kitsap malls are among the 66 locations that will close this year, citing poor performance. The chain's furniture store in Redmond will also close.

Macy's will have five stores remaining inside the city limits following the closures, with two in the Bronx, one in Brooklyn, one on Staten Island and its main Manhattan flagship.

Department store Macy’s Inc. ($M) on Thursday confirmed the closure of 66 Macy’s store locations, dampening retail sentiment. The store closures are part of what the company termed its “bold new chapter” strategy,

Department store operator Macy’s said today it will close 66 store locations as part of a strategy it announced last year.

Macy's plans to close 66 more stores as part of a strategic overhaul, focusing on 350 key locations by 2026 amid declining demand.