How Long Will Macy’s Remain in the Hudson Valley?
Macy's has announced additional store closures, with more to come.
The year is bringing job cuts and store closures for Macy's. How long can the Hudson Valley locations survive?
Macy's is planning 5,000 job cuts, including the closure of seven previously unidentified stores, among additional cuts to remaining stores.
With these closures, the company will have completed 81 of the approximately 100 planned store closures announced in August 2016.
Macy's has closed 124 stores since 2015. The company intends to close approximately 19 additional stores as leases or operating covenants expire or sale transactions are completed.
So far, none of the stores that are closing are located in New York.
Macy's Inc. CEO Jeff Gennette said:
Macy’s had a solid holiday shopping season, and we are pleased that our November/December performance resulted in positive comp sales for the period, setting us up for a positive fourth quarter. Consumers were ready to spend this season, and we delivered with solid execution, fresher inventory, a curated gift assortment and a focus on customer experience. We saw improved sales trends in our stores and continued to see double-digit growth on our digital platforms. Customers also responded well to our new loyalty program.We intend to close the fourth quarter in a good position and head into 2018 with momentum.