In early August, the department store operator said it would close about 14 percents of its store base as it aims to become more nimble in a competitive market.
SHOPPING STRUGGLE: Chain retailers facing pressure from e-commerce
Shares in Macy’s fell more than 8 percent in after-hours trading.
Macy’s is just one of a slew of retailers shutting down locations in an effort to control hemorrhaging costs. Changes in shopper behaviors, online shopping and deep discounters have led to bankruptcies or brick-and-mortar closings for retailers.
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Many experts expect the closings to continue in 2017 as more people shop online.
In the region, three locations of The Limited women’s clothing store were closed permanently the last week of December. Hoards of shoppers snagged 90 percent off deals on Limited merchandise at The Greene Town Center in Beavercreek and Tri-County Mall in Cincinnati following the announcement. The Limited at the Liberty Center further south closed quietly on Dec. 21.
Walmart, Sears and Kmart were just a few others of the major retailers to announce store closings last year.
The Associated Press contributed to this report.
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