A massive mall retailer is now closing several stores for good after the company announced it would shutter 150 locations.
Shoppers are mourning the decline of the mall experience after Macy’s announced 150 store closures, reports The-Sun.
“American consumers were disappointed earlier this week to learn that Macy’s is closing down 150 stores nationwide.
Many of these locations are situated in shopping malls, which are experiencing an overall decline in foot traffic,” says the outlet.
While Macy’s has not yet revealed which stores are scheduled to close down, customers are anticipating that their local shopping destination might soon be axed.
“It’s not good,” one shopper told CBS News.
“There is nothing else left. You do have to shop a lot online.”
Another commented on the decline of the mall, saying: “This was the place to be 20 years ago. That’s where you did your shopping.”
In a statement released on Tuesday, Macy’s hinted that online shopping was going to be an important part of its business going forward.
“Macy’s is dedicating resources to optimize our store footprint; refresh our product assortment to ensure relevance and value; and modernize the shopping environment to offer a seamless experience across all channels with continued focus on digital excellence.”
Macy’s has also been focussing on physical shopping opportunities situated away from shopping malls.
In 2020, it began opening scaled-down stores situated in off-mall locations.
Inside, customers can expect the same expansive beauty selection, new style trends, and luxury goods like sunglasses and jewelry.
But new elements have also been introduced to these stores like pop-up shops and market events for local vendors.
Macy’s currently has 11 of these stores and hopes to grow that number to 25 by the end of 2025.
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Also Read: Beloved Crafts Retailer Is Now At High Risk of Bankruptcy
Other Economy News Today
A beloved retailer with 850 stores will now file bankruptcy in days after launching a massive liquidation sale, sources report.
The revelation comes days after a Joann store in Ohio launched a 90% off closing-down sale, reports The-Sun.
The fabric and craft specialty retailer has about 850 outlets across about 50 states.
But its bosses are currently considering lodging a bankruptcy filing as soon as next week, claimed Bloomberg.
Joann is currently looking into entering a special deal with lenders to help it shed spiraling debt.
Secret talks are underway to see whether the firm can get extra capital to help shore up cash reserves, the business website added, citing unnamed sources.
The news comes days after Joann’s Wooster store in Ohio held a massive 90% off sale, including sewing patterns for $1.99.
The outlet closed on February 21, one month after the shuttering of the Joann’s Zanesville branch in the same state, said local Fox affiliate WJW.
Both the closures and bankruptcy fears follow months of discussion among shoppers on social media about the Hudson-based retailer.
A shopper wrote on Facebook, “Sad news if Joann fabric closes, but they shouldn’t have resorted to cheapening the quality of their fabric for one thing.”
And another woman commenting on the Bloomberg story about Joann planning a bankruptcy filing added, “Wow, they just opened one [store] here in La Habra, California in October 2023.”
Here’s what Credit Risk Monitor had to say:
“No two public companies are cut from the exact same cloth, yet the telltale signs of potential bankruptcy shown by craft retailer JOANN Inc. are universal: lots of leverage, recurring net losses, and negative free cash flow,” warned CreditRiskMonitor last December.
Joann has struggled amid a challenging environment for retailers, said Moody’s Investors Service.
The chain was established in 1948, and offers both online and in-store shopping.
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Also Read: 68 Essential Stores Are Now Closing in Pennsylvania
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