Macy's To Close 35 To 40 Stores In Early 2016

(RTTNews) - Macy's Inc. (M) Tuesday said it plans to close 35 to 40 underperforming Macy's stores in early 2016.

The company said the stores represent about 1 percent of the its total sales.

CEO Terry Lundgren said, "Each year, we prune some stores that are our weakest performers so that we can concentrate our resources on the best locations and maintain a strong physical presence."

The company will announce the locations of the 35 to 40 stores to be closed at a later date. Together, the stores' annual sales volume, net of sales expected to be retained in nearby stores and online, is expected to be roughly $300 million.