Macy’s has announced that it will close 65 stores this year, up from the previous plan of 50 closures by the end of the fiscal year.
This move is consistent with the company’s overall strategy to close approximately 150 underperforming stores over the next three years.
The company provided this update during its third-quarter earnings call on Wednesday.
“We anticipate closing approximately 65 locations this year,” said Macy’s CEO Tony Spring during the call. “As is typical for us, the closures will happen after the holiday season.”
Macy’s delayed the release of its third-quarter earnings after an employee concealed up to $151 million in delivery-related expenses for small packages.
The retailer, which also owns Bloomingdale’s and Bluemercury, revealed last month that it discovered an accounting error in one of its accrual accounts while preparing its quarterly financial statements.
According to a filing with the Securities and Exchange Commission, the company provided additional information about the incident last month, stating that an independent investigation determined that “one employee responsible for accounting small package delivery expenses deliberately made incorrect accounting entries and falsified supporting documentation.”
Although the employee did not misplace those figures for personal gain, but rather due to a genuine error, the result was chaos in the company’s account balances across the country.
Adrian Mitchell, Macy’s chief operating officer and chief financial officer, clarified that the error “was not theft” and that “it did not affect revenues, cash, or inventories, as all vendors were paid in full.”
Macy’s has announced that it is improving its financial reporting controls.
Department stores face challenges
Macy’s is not the only retailer closing physical stores. The company’s decision to accelerate store closures reflects larger challenges for department stores, as fewer customers visit malls and more people shop online.
Retailers in the United States have announced over 7,100 store closures by the end of November 2024. This represents a 69% increase over the same period last year, according to recent data from research firm Core Sight. 45 retailers have filed for bankruptcy protection this year, up from 25 in 2023, according to the report.
Complete List of closing Macy’s
Here are the underperforming stores that will close in 2025, as confirmed on January 2025.
Arizona
- Mesa: 6535 E. Southern Ave., Superstition Springs Center
California
- Chula Vista: 2015 Birch Rd., Otay Ranch Town Center
- Citrus Heights: 6000 Sunrise Mall
- Corte Madera: 1400 Redwood Highway
- San Diego: 1555 Camino De La Reina, Mission Valley Home
- Westminster: 300 Westminster Mall
- San Mateo: 2838 South El Camino
- Sacramento: 414 K St.
- Newark: 200 Newpark Mall
- Los Angeles: 750 W. 7th St.
Colorado
- Centennial: 6797 South Vine St.
- Denver: 8298 E. Northfield Blvd., Shoppes at Northfield
Florida
- Altamonte: 820 West Town Parkway
- Boca Ratón: 9339 Glades Rd.
- Boynton Beach: 801 N. Congress Ave.
- Fort Lauderdale: 4501 N. Federal Highway
- Pembroke Pines: 13640 Pines Blvd.
- Sarasota: 3501 S. Tamiami Trail, Westfield Siesta Key
- Miami: 13251 South Dixie Highway
- Tampa: 298 Westshore Plaza, West Shore Plaza
Georgia
- Duluth: 3360 Ventura Parkway
- Duluth: 2100 Pleasant Hill Rd., Gwinnett Place Mall
- Suwanee: 3630 Peachtree Parkway, Johns Creek Town Center
Idaho
- Coeur d’Alene: 200 W. Hanley Ave., Silver Lake Mall
Illinois
- Springfield: 104 White Oaks Mall
Louisiana
- Lafayette: 5733 Johnston St., Acadiana Mall
Maryland
- Bel Air: 600 Baltimore Pike, Harford Mall
- Baltimore: 6901 Security Blvd., Security Square Mall
Massachusetts
- Kingston: 101 Kingston Collection Way
Michigan
- Flint: 4600 Miller Rd., Genesee Valley Center
- Sterling Heights: 14200 Lakeside Circle, Lakeside Mall
- Traverse City: 3400 S. Airport Rd. W., Grand Traverse Mall
- Troy: 500 W. 14 Mile Rd., Oakland Mall
Minnesota
- Burnsville: 14251 Burnhaven Drive
- Maplewood: 3001 White Bear Ave.
Missouri
- Kansas City: 400 NW Barry Rd., Metro North Mall
- St. Louis: 10 S. County Center Way, South County Center
New Jersey
- West Orange: 495 Prospect Avenue West
New York
- Brooklyn: 422 Fulton St.
- Brooklyn: 2027 Emmons Ave.
- Bronx: 404 East Fordham Rd.
- Queens: 88-01 Queens Blvd.
- Huntington: 834 Walt Whitman Rd., Melville Mall
- New Hyde Park: 1526 Union Turnpike
- Massapequa: 400 Sunrise Mall
- Rochester: 397 Greece Ridge Center, Greece Ridge Center
- Staten Island: 98 Richmond Hill Rd.
Ohio
- Beavertown: 2727 Fairfield Commons Blvd.
- Toledo: 5001 Monroe St., Franklin Park Mall
Oregon
- Hillsboro: 2055 NE. Allie Ave., Streets of Tanasbourne
- Salem: 400 High St. NE.
Pennsylvania
- Altoona: 5580 Goods Lane, Logan Valley Mall
- Exton: 245 Exton Square Mall
- Philadelphia: 1300 Market St.
- Wilkes Barre: 59 Wyoming Valley Mall
Tennessee
- Memphis: 4545 Poplar Ave., Oak Court Mall
Texas
- Dallas: 321 State St., Southlake Town Square
- Flower Mound: 6101 Long Prairie Rd.
- Fort Worth: 1751 River Run
- Houston: 100 Almeda Mall
- Plano: 6209 W. Park Blvd., Shoppes at Willow Bend
