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Macy's plans to close 35 to 40 department stores early next year

Macy's will close up to 40 department stores early next year but has not disclosed locations.

Macy's Inc. plans to close 35 to 40 underperforming department stores early next year and will announce specific locations later.

The stores represent about 1 percent of Macy's sales, or about $300 million, the company said today.

The chain operates 770 Macy's stores, including eight that anchor Baltimore-area malls.

Though its physical stores remain vital to its strategy, "As new shopping centers are opened, however, many customers change their shopping habits and often the sales volume of a store gets divided among the new and nearby, existing centers,"  Terry J. Lundgren, Macy's chairman and CEO, said in an announcement. 

"Each year, we prune some stores that are our weakest performers so that we can concentrate our resources on the best locations and maintain a strong physical presence," he said.




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