Macy’s to shut down dozens stores after holiday; some could be in NJ

Macy’s has announced more stores on the fast track to close earlier than planned.

According to the company’s third quarter earnings report, the department store chain plans to close approximately 15 more locations after the holiday season, an increase from the previously announced 50 closures. Throughout the 2024 third quarter, the company reported net sales of $4.7 billion, a decrease of 2.4% compared to 2023 third quarter sales.

“We now expect to close roughly 65 locations this year,” said Macy’s CEO Tony Spring in the earnings call. “In line with our typical cadence, closures will occur post holiday.”

The company is set to close the underperforming store locations as part of the chain’s Bold New Chapter initiative, which aims to make the company more profitable.

While Spring said the expected total number of stores set to close is 150, he warned that the company would update figures next year.

Spring said the closures were taking place because “the economics were not favorable.” Adding “These are places where customers have shifted away from those centers to shop.”

Will Macy’s be closing stores in New Jersey?

Macy’s has not said which of their 479 store locations would be closing. New Jersey currently has 28 store locations throughout the state:

Will Macy’s be open for Christmas?

Macy’s will shut down all their store locations in the U.S. on Christmas Day, Dec. 25, 2024.