Macy’s announced Wednesday that it will close 65 more stores after the Christmas holiday.
The move by the major retailer to close dozens of stores comes as part of a plan to eliminate 150 underperforming stores over the next three years. According to Go to CBS News.
Macy’s opened its first store 175 years ago.
It has been a symbol of America since before the Civil War.
This is also currently closed.
What is causing our oldest institutions to collapse? pic.twitter.com/CBonL4WoWR
— Dr. Tom, Ph.D., CPA 🇺🇸 🇺🇸 🇺🇸 (@TAG2335) December 14, 2024
The newspaper reported that Macy’s CEO Tony Spring said during a third-quarter earnings conference on Wednesday that the company plans to open 65 additional stores.
“We expect to close approximately 65 stores this year,” a department store executive said during a conference call. “In line with our normal pace, closures will occur after the holidays.”
According to the store, Macy’s announced in February that it would close 50 stores by the end of the fiscal year.
The company had delayed reporting its third-quarter results following a scandal that sparked an investigation into a massive accounting error by an employee that concealed $154 million. (Related: Macy’s postpones announcement after employees were found to have hidden $154 million worth of expenses)
On Wednesday, Macy’s revealed more information about the incident, saying in a filing with the Securities and Exchange Commission that an independent investigation found that “an employee in charge of package delivery expense accounting intentionally made false accruals. It was found that he had committed a crime and falsified the underlying documents.”
Adrian Mitchell, Macy’s chief operating officer and chief financial officer, said the mistake was “not a theft,” adding, “There was no revenue impact and all vendors were paid in full, so there was no cash or cash loss.” There was no impact on inventory.”
According to CBS News, the department store announced it would overhaul its financial reporting controls in response to the error.
Macy’s opened its first store in 1858. According to Go to the company’s official website.
