Macy's to close 28 stores
Macy's Inc. confirmed with MarketWatch Thursday that it plans to close 28 store locations in the coming weeks. The company will also shutter one Bloomingdale's location. A spokesperson said the company "regularly reviews its store portfolio" and will go into further detail during its investor day event on Feb. 5. Macy's said it had a 0.6% comparable store sales decline on an owned-plus-licensed basis during the holiday season, and a 0.7% decline on an owned basis. Macy's stock is down 2.3% in Thursday trading, and down 44.2% over the last 12 months. The benchmark S&P 500 index has gained 26.6% for the period.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.