Macy's Executive Says Now Expects To Close 55 Stores This Year, Up From Previous Estimate Of Around 50; Says It Will Only Pursue Accretive Deals, Citing Strong Balance Sheet And No Significant Debt Maturities Until 2027
Portfolio Pulse from Benzinga Newsdesk
Macy's has increased its store closure plans for this year from 50 to 55. The company will focus on accretive deals, supported by a strong balance sheet and no major debt maturities until 2027.
August 21, 2024 | 12:18 pm
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Macy's plans to close 55 stores this year, an increase from the previous estimate of 50. The company is focusing on accretive deals, supported by a strong balance sheet and no significant debt maturities until 2027.
The increase in store closures could be seen as a negative, but the focus on accretive deals and a strong financial position offsets this. The lack of significant debt maturities until 2027 provides financial stability, leading to a neutral short-term impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100