Popular Department Store Shutting Down More Stores
Macy’s shares jumping after it announces plans to cut stores and reshape the struggling retailer.
FOX’s Lilian Woo reports:
The nations largest department store chain says it will close about 100 stores next year and boost online investments as it tries to stay competitive after six consecutive quarters of declining sales.
The retailer which also operates the Bloomingdales stores says 14 percent of its stores under the Macy’s brand will go.
It also says there will be a push to increase its exclusive products and a focus on stores with the highest growth potential.
Amazon.com is by some forecasts expected to surpass Macy’s as the largest online seller of clothing next year.
Lilian Woo, FOX News.
