Macy’s shutting down 100 stores

Macy’s is closing about 15% of its retail stores.

Macy’s did not disclose which stores it will close, but said most of them will close in early 2017.

The move comes as Macy’s revealed its second-quarter sales fell less than feared. Macy’s stock soared 10% in premarket trading.

Macy’s said its new strategy is to concentrate its financial firepower and talent on the best-performing locations. The department store plans to invest in strong stores by adding new vendor shops, increasing the size and quality of staff and investing in new technology.

“We operate in a fast-changing world, and our company is moving forward decisively to build further on Macy’s heritage,” Macy’s CEO Terry Lundgren said in a statement.

By: Alan

Alan Colmes is the publisher of Liberaland.