Macy's is in the process of shutting down 100 stores, or nearly 15% of its store base, as it battles plunging sales and traffic.
The market "probably wants to see another 100 Macy's stores close," Jan Kniffen, CEO of consulting frim Worldwide Enterprises.
In a call with analysts on Thursday, Macy's CEO Jeff Gennette acknowledged that Macy's might not be done closing stores in the near term.
"I'm not going to say we're not going to close more stores," Gennette said. "We do have to stabilize our brick-and-mortar business... That’s where a majority of our business is still done."
In late January, Macy's had 673 stores in operation, down from nearly 800 in 2014. By the end of this year, the chain's store base will drop to around 600.
Today we saw the 1st quarter report of the company and the results were terrifying. Decrease of sales with 7.5 %.
The market respond to that with selloff company's stock with 17 % decrease to 24.35$.
Source: Bloomberg Pro Terminal
Trader Bozhidar Arabadzhiev
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