Macy's on Tuesday announced plans to close 150 stores by the end of 2026, representing more than 30% of its locations.
The big picture: The retailer has been under pressure from activist investors who want the entire company put up for sale.
Arkhouse Management last week nominated nine candidates to the Macy's board, after it rejected Arkhouse's $5.8 billion takeover offer.
Driving the news: Macy's laid out the store closures as part of what it calls a "A Bold New Chapter," which includes leaning into its high-end brands.
The plan includes the addition of 15 new Bloomingdale's stores and 30 new Bluemercury stores over the next three years.
By the numbers: Company shares are down just over 2% so far in 2024, giving it a $5.3 billion market cap, but off more than 20% over the past five years.