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Posted: August 11, 2016

Macy's to close 100 stores

By Cox Media Group National Content Desk

Reuters contributed to this report.

After seeing a drop in store sales, Macy's has said it will close 100 stores, Reuters reported.

The company's last six consecutive quarters have shown declining sales. 

Sales in stores open at least a year, including sales in departments licensed to third parties, fell 2 percent, according to analysts polled by research firm Consensus Metrix.

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The stock in the company has fallen 50 percent in the last 12 months, the Associated Press reported. Shareholders' net income fell to $11 million, or 3 cents per share, in the second quarter from $217 million, or 64 cents per share, a year earlier.

"Whenever there's been a setback in our company, we've been first in the industry to take a very aggressive stance at moving us forward," CEO Terry Lundgren told CNBC's "Squawk Box." "That's just part of it. By closing 100 stores, we're getting out in front of this." 

Macy's currently has 728 stores, 675 of which are full-line stores. Most of the store closings will begin in early 2017. Macy’s did not disclose which stores it will close.

"We believe that this reduction of 100 locations in the short term will result in a more appropriate store portfolio for Macy's in the longer term and help us to accelerate our progress in building a vibrant omnichannel brand experience," Jeff Gennette, who will take over as CEO in the first quarter of 2017, said in a release.


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