Iconic Mall Retailer Closing 150 Stores Across The Country

Macy's announced it is preparing to enter a "bold new chapter" as it plans to shift its focus toward its luxury stores, Bloomingdale's and Bluemercury.

As part of the new plan, Macy's will be closing 150 "underperforming stores across the country, with 50 locations closing before October. After the closures, Macy's will still have 350 retail stores, including Bloomingdale's and Bluemercury.

While Macy's locations are closing, the company said it will be opening 15 new Bloomingdale's stores and 30 Bluemercury locations.

The retailer has not announced which stores will be closing down.

"A Bold New Chapter serves as a strong call to action. It challenges the status quo to create a more modern Macy's, Inc. We are making the necessary moves to reinvigorate relationships with our customers through improved shopping experiences, relevant assortments, and compelling value," Macy's CEO Tony Spring said in a statement. "Our teams are energized by the work ahead as we accelerate our path to market share gains, sustainable, profitable growth, and value creation for our shareholders."