Macy’s Gains on CEO Reassurance, Plan to Close 29 Stores
- CEO says performance improving, following tough third quarter
- Holiday sales ‘nowhere near as bad’ as expected: analyst
The Macy's flagship store in New York.
Photographer: Chris Goodney/Bloomberg
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Macy’s Inc., under scrutiny as department stores struggle to adapt to changes in the way consumers shop, rose to the highest stock level in almost five months on Wednesday after Chief Executive Officer Jeff Gennette said the retailer’s performance is improving.
Macy’s also said it will close 28 namesake stores and one Bloomingdale’s in the coming weeks, while reducing some headcount at Bloomingdale’s.