On Thursday, Macy’s Inc. announced the closure of 66 stores as part of its “Bold New Chapter” strategy, which aims to drive profitable growth by investing in 350 high-performing locations and phasing out approximately 150 underproductive stores by 2026.
In Maryland, the Macy’s stores at 6901 Security Blvd. in Security Square Mall (Baltimore) and 600 Baltimore Pike in Harford Mall (Bel Air) will close. However, Montgomery County locations at Montgomery Mall and Wheaton Mall will remain open.
According to CNN, the closures are part of a broader effort to address declining sales, falling stock prices, and pressure from activist investors.
“Closing any store is never easy, but as part of our Bold New Chapter strategy, we are closing underproductive Macy’s stores to allow us to focus our resources and prioritize investments in our go–forward stores, where customers are already responding positively to better product offerings and elevated service,” said Tony Spring, chairman and CEO of Macy’s, Inc.
The full list of store closings can be seen here.