“Our portfolio of iconic and globally recognized nameplates, healthy balance sheet and fortified operations position us to execute A Bold New Chapter. This strategy is designed to create a more modern Macy’s, Inc. that is expected to generate meaningful value for our shareholders in the years ahead,”

The pivot first includes the big-box retailer closing 150 underperforming stores over the next three years. It expects to close at least 50 of these stores by the end of this year. By 2026, Macy’s footprint will shrink to about 350 stores, slightly more than half its number before Covid.

Macy’s is giving up on the working poor as the Biden administration says the middle class is doing better than ever.

https://www.zerohedge.com/markets/bold-new-chapter-macys-close-150-stores-focus-luxury-consumer-bloomingdales

 

The Carnage Continues……..