Shelly Banjo, Columnist

Good Start, Macy's. Give Us More

The chain's new CEO still has many more fires to put out.

August 11, 2016 at 4:37 PM UTC

Shelly Banjo leads the global business team for Bloomberg News in New York. A former New York bureau chief and senior tech writer, she’s covered business, finance and economics for two decades.

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Macy's incoming CEO is starting off strong. He'll need to get stronger.

The department store on Thursday said it would close 100 stores, or 14 percent of the 728 stores it currently operates. (Not included in the closings are the 100 or so Bloomingdales and Blue Mercury stores it also owns.) This announcement marks a sizable acceleration in store closings -- more than the total amount of stores Macy's closed over the past six years combined.