Macy’s employee confirms popular mall location has officially closed after CEO promises to shut the lights on 150 stores ...Middle East

A MACY’S employee has confirmed that a popular mall location has closed down – with at least 150 spots in the crosshairs.

The closure comes as Macy’s pushes forward with its “Bold New Chapter” announced last year.

The outlet Local Memphis reports that a Macy’s at Oak Court Mall in East Memphis has now closed.

It was confirmed by the mall’s general manager to ABC24 on Thursday.

The same manager said that the Macy’s at the mall closed on March 23.

This location was on the list of an initial 66 Macy’s stores closing this spring, as reported by The US Sun last month.

The count was originally set at 50 for the season, but that number was bumped up to 55 and then again to 65 before reaching the final total, per Axios.

Liquidation sales are also taking place at Macy’s across 22 states in the US.

CEO Tony Spring explained to investors during a recent earnings call: “At the start of the closure strategy [we] said we had locations that were less profitable and less productive, and we wanted to monetize them as soon as possible.

“So the fact that we are closing more stores this year is a reflection of the fact that our assets have value and that even in this less stable market, we are transacting.”

This comes with the goal of use the $600 to $700 million Macy’s will gain from the shutdowns to invest in its other stores.

He also plans to invest in new ones, including 30 smaller stand-alone Macy’s, 15 new Bloomingdales, and 30 new Bluemercury locations.

MACY’S MASSACRE

Macy’s all over the US are feeling the full force of this revitalisation, however.

At least five New York locations are set for the chopping block.

This includes stores at Fordham Place, Queens Place, Sheepshead Bay, Sunrise Mall, and Staten Island Furniture.

Another location in Salem, Oregon, is also getting the axe by the end of this month.

A Minnesota-based Macy’s also recently ceased operations at the end of February.

Macy’s needs to respond to its fledgling financial situation, as its profit margins become smaller.

Macy's closures

Macy's has confirmed the 66 stores closing across 22 states over the next few weeks. The full list is included below:

Arizona

California

Colorado

Florida

Georgia

Idaho

Illinois

Louisiana

Maryland

Massachusetts

Michigan

Minnesota

Missouri

New Jersey

New York

Ohio

Oregon

Pennsylvania

Tennessee

Texas

Virginia

Washington

Source: Axios

Spring claimed that Macy’s “can and should be better”, as reported by The US Sun.

He said at the time: “Let’s change the presentation on the floor in terms of density of product.

“Let’s put people back into the fitting rooms to make sure the service experience is better.

“I love the question because the death of department stores has been going on since I was a child.

“So, I’m not that young anymore, and the same death knell has kind of been rung multiple times.”

The CEO also cited a 2.4% decrease year over year to about $4.7 billion during the most recent fiscal quarter.

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