- Macy's will close four stores across the US in the first quarter of 2023.
- The closures are part of a three-year restructuring plan Macy's announced in 2020.
- Macy's has been experimenting with opening smaller concept stores outside suburban malls.
Another wave of store closures is coming for Macy's in 2023.
Macy's plans to close four stores nationwide during the first quarter. The stores, in shopping malls in California, Colorado, Hawaii, and Maryland, will host clearance sales beginning this month that run for eight to 12 weeks. Axios was the first to report the closures.
A Macy's spokesperson told Insider employees at the affected stores would be offered roles at nearby stores or severance packages.
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The closures are part of a three-year restructuring plan the company announced in 2020. Macy's said at the time it would close a total of 125 stores and cut thousands of jobs to "lower costs, bring teams closer together, and reduce duplicative work," Macy's CEO Jeff Gennette said at the time.
Macy's closed stores in 2020, 2021, and 2022, including seven locations in January last year. The department-store chain has been experimenting with opening smaller, trendier concept stores known as Market by Macy's, which are outside suburban shopping malls.
"We continue to meet our customers however they choose to shop, through a combination of physical stores in the best malls, off-mall smaller-format and off-price stores, and a best-in-class digital shopping experience," the spokesperson told Insider.
Here are the latest store closings:
California:
- Baldwin Hills Crenshaw Plaza in Los Angeles
Colorado:
- Foothills Mall in Fort Collins
Hawaii:
- Windward Mall in Oahu
Maryland:
- Lakeforest Mall in Gaithersburg
Do you work for Macy's? Contact this reporter by email to ahartmans@businessinsider.com or Twitter DM at @averyhartmans.