Macy’s Inc. has announced a raft of store closures, with as many as 150 “unproductive” locations set to shut. The iconic retailer, which has a flagship store in central New York City, is set to close stores in a dozen US states.

The department store chain announced the move as part of its “Bold New Chapter” in February 2024, which will see it prioritise investment in the remaining 350 stores. Macy’s CEO Tony Spring said in a memo on Thursday: “In executing our strategy, we continue to review our portfolio and make careful decisions about where and how we invest, including closing underproductive stores and streamlining operations. These decisions are not made lightly.

“We communicated directly with affected colleagues first and are providing support, including transfer opportunities where available, as well as severance and outplacement resources where applicable. 

“We thank all those colleagues for their dedication and service to the company.”

Spring added that the company will provide support to impacted employees, including transfer opportunities where available, as well as severance and outplacement services.

Neil Saunders, managing director GlobalData’s retail division told Forbes that despite the pain of store closures, the company’s new strategy of prioritising other stores was starting to pay dividends.

He said: “Macy’s has worked hard to make investments and move the proposition forward, and it is being rewarded with better results. 

“This gives management confidence in keeping stores open and continuing to evolve them for the customer.”

The “Bold New Chapter” strategy was seen as an attempt by the flailing business to turn around its fortunes after struggling amid steep declines in like-for-like sales.

The company saw a 3.3% fall in sales in 2022 followed by a 6.6% drop in 2023. Macy’s Inc. does not disclose revenue on a brand-by-brand basis.

Alongside the closure of underperforming stores, the company has attempted to refresh merchandise mix, improve relevance and value and upgrade stores to deliver a more seamless, friction-free experience across physical and digital channels.

Following the decision to axe 150 stores, the company designated 350 stores as part of its long-term estate, reports Forbes. 

Within this group, a smaller cohort—initially 50 stores and later expanded to 125—was selected to pilot the Bold New Chapter programme, testing the transformation model and demonstrating its viability at scale.

Bitcoin is at an all-time high as a “perfect storm” has ensured a boost. The digital currency hit $124,000 per coin this week, and stock markets and crypto have surged. The price has doubled over the past year, is now contesting gold to become 2025’s best performing asset. It owes its high ranking to Exchange-Traded Fund (ETF) – an investment fund that contains a collection of underlying assets, such as stocks, bonds, or commodities – inflows acting as a catalyst, attracting fresh institutional capital at an extraordinary speed. Simultaneously, US Federal Reserve’s shift towards interest rate cuts has weakened the dollar and boosted the appetite for risk across the board.

Crypto has consequently benefitted “disproportionately”, David Siemer, the chief executive of Wave Digital Assets said. Wider uncertainty has also been sparked after the American government’s shutdown. Senators have failed to pass spending proposals for a fourth time. Two separate plans – one from the Democrats and one from Republicans – did not reach the required 60-vote threshold.

Speaking to Forbes , the expert added that these factors ensured an environment “where even modest demand creates outsized moves”.

Nigel Farage has been a vocal supporter of cryptocurrency in recent years, following in the footsteps of US president Donald Trump.

The Reform UK leader announced in May that his party would begin accepting donations in Bitcoin, and called for the Bank of England to create a “strategic reserve” of the digital asset.

He added the Bank was “turning their back on it [cryptocurrency] completely”.

In a speech earlier this week, the bank’s Governor, Andrew Bailey, said: “Crypto of the Bitcoin variety falls into the risky investment category, whereas stablecoins used for retail and wholesale payments, rather than just to support crypto trading, fall into the money category, or should do.

“Understanding the implications of this distinction is important for designing the approach to regulation.

“But, I will go further than that and say it should enable better stablecoins to emerge than would do in a world in which the distinction was not understood and followed up.”

In July, it was reported by the Telegraph that the Chancellor, Rachel Reeves, could sell of Bitcoin in the UK worth at least £5billion.

The Home Office was reportedly working with police forces to flog the seized cryptocurrency, with the move easing pressure on the Treasury.

Ministers were also planning to start an official crypto storage system that would handle sales of Bitcoin and other digital currencies.