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.
PLUS: Macy's Is Closing Down MANY of Its Stores in 2016--FOREVER
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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