A US Company Now Announces Reason For Unexpected Closures

A US company now announces its reason for unexpected closures after several stores have already shuttered nationwide.

Macy’s CEO, Tony Spring, who took the helm just last month, remains confident that the department store still holds an important role in consumers’ lives.

The 150 Macy’s stores slated for closure in the next three years make up 25% of the banner’s square footage but represent less than 10% of sales, CEO Tony Spring said during a discussion at Shoptalk on Sunday.

The retailer has “too many locations that were built for a different era,” Spring said, adding that the company has “no choice” but to close stores if it wants to thrive and not just survive.

As of February 3rd — a couple of weeks ahead of the latest store closing announcement — Macy’s Inc. had 718 stores across its portfolio, which in addition to its namesake banner includes Bloomingdale’s and Bluemercury.

The breakdown at that time was 502 Macy’s, 57 Bloomingdale’s and 159 Bluemercury locations.

The Macy’s banner had about 101 million gross square feet; overall the company said it had 101.3 million square feet.

“Of course, we’re very sensitive to the impact a Macy’s closure has on our colleagues, our customers, our vendors and the local community,” Spring said.

“But this is a critical step as we move forward.

This isn’t about shrinking.

It’s about improving historically, to make sure that we’re giving people the opportunity to shop the way they want.”

The department store sector remains challenged, with competition heating up from off-pricers and digitally native brands, Spring said.

“The weekday trips to the mall are just not as common or as frequent,” he said.

“And yes, we all need to invest more in our stores. On top of that, digital disruption has forever changed the way people think about the business.”

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Also Read: Iowa Now Hit By Massive Layoffs In Its Manufacturing Sector

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Market News Today - A US Company Now Announces Reason For Unexpected Closures.
Market News Today – A US Company Now Announces Reason For Unexpected Closures.

A famous clothing mall retailer is now closing for good after it filed for bankruptcy, leaving several loyal customers in despair.

A Forever 21 store located in a popular shopping mall is set to close in days after more than a decade of business.

Fans of the retailer are in despair after several of the chain’s stores across the US have shut or are closing, reports The US Sun.

The Forever 21 outlet at the Westfield Galleria Mall in Roseville, California – located around 25 miles from Sacramento – will close on March 31.

It comes just years after the chain filed for bankruptcy.

The store is closing after 15 years of business, per The Sacramento Bee.

Westfield Galleria is home to chains including Nordstrom, Macy’s, JCPenney, and Abercrombie & Fitch.

The Forever 21 store located in the Westfield shopping center is just one of several outlets that are closing.

Reacting to the closures, one fan said, “All the Forever 21 stores closing down fr [for real]? Ain’t no way this world is ending.”

Three Forever 21 stores in Kansas City, Kansas, are also closing down and liquidation sales have started.

The prices of clothes have been cut by 50% as bosses rush to clear the last remaining stock.

Signs warning customers that everything must go are hanging from windows, per The Kansas City Star.

Last month, The U.S. Sun reported that the Forever 21 store inside the Destiny USA mall in Syracuse, New York, is also closing on March 31.

Forever 21 has been part of the American retail scene for almost 40 years but in 2019, chiefs filed for bankruptcy.

At the time, bosses expected that up to 178 stores would shut in the US as part of the company’s restructuring plans.

Forever 21 has more than 540 stores globally.

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Also Read: A Massive Company Now Announces Unexpected Layoffs in Arkansas

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Market News Today - A US Company Now Announces Reason For Unexpected Closures.
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