Macys to Close Almost a Third of Its Locations in Restructuring Effort

The exterior of a Macy's department store is seen at the Fair Oaks Mall in Fairfax, Va., on Jan. 5, 2017. Paul J. Richards/AFP via Getty Images

Macy’s announced on Tuesday that it will close 150 underperforming stores over the next three years as it seeks to revive itself by focusing more on luxury products and better service.

Fifty stores are to shut down by the end of this year. The downscaling will leave the century-and-a-half-old brand with 350 of its currently existing outlets by the end of 2026.