Macy’s, the untouchable staple of the U.S. department store scene, is closing multiple stores, but it isn’t all bad news. There is going to be a huge clearance sale too.

It is incredible to think that a place like Macy’s is struggling under the current U.S. economic crisis. Despite their iconic place in the capitalist capital of the world, they’re still having to make drastic cutbacks.

The department store chain announced that they will be closing a total of 155 Macy’s stores. Originally, there was a plan to shut 55 by the end of 2025, but this number has gone up to 65. Losses are clearly worse than they first thought.

Employees are waiting with bated breath to see if their Macy’s will be the next on the closing list. Across the country, underperforming department stores will be shut up forever, leaving thousands without a job. Since their peak of 1100 in 2008, Macy’s has taken a drastic decline. Once they have finished closing their planned Macy’s outlets, they will be left with a paltry 350 shopfronts.

The Reasons For Macy’s Closing

Macy’s hasn’t been forced to declare bankruptcy, like so many other US companies, just yet. But, without some drastic measures, it may still happen. Numerous reasons are often compounded in closures of this kind.

For a department store like Macy’s, the competition of online sales has driven them to close so many stores. For most people, if a big day of shopping is needed, and multiple products have to be acquired, the department store format is just a bit outdated. Somewhere like Amazon has everything you could need, from the comfort of your own home, and often significantly cheaper.

However, according to Neil Saunders, an analyst at GlobalData Retail, there is more to it than just online competition. Macy’s was once synonymous with style and extravagance, akin to Selfridges. It was an experience to visit, and the quality was what made the trip worthwhile. But, the analyst argues, that charm and quality just isn’t there. This is why Macy’s is closing so many stores around the US.

“The biggest things that have gone wrong at Macy’s are the quality of the stores and the product assortment,” he says. “Both of those things are pretty core and have been a problem for a very long time because Macy’s just hasn’t invested in its proposition.”