Uh-oh. Macy's today announced it would be closing 100 more stores than expected. That way, the CEO says, the department store chain can concentrate its financial resources and talent on better-performing locations. The stores, located throughout the U.S., will begin shutting down in early 2017.
The move wasn't entirely surprising to analysts, since the retail giant began 2016 with poor sales--and an announcement in early January that it would shutter 36 stores nationwide. Sadly, this seems to be a trend. Other stores, including Walmart, Sears, and JC Penney, are also closing down stores, and even entire malls are going out of business as shoppers gravitate online. Plus, Americans as a whole seem to be spending less money on clothes, and more on electronics and big-ticket items like cars, according to experts.
No word yet on which stores are closing, though we will definitely keep you updated.
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