FOX Business’ Kristina Partsinevelos reports on Macy’s closing over 100 stores and its plans including reformatting stores and improving fashion.
By Colin Kellaher
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Macy’s Inc. said it will temporarily close all of its stores by end of business Tuesday in response to the spread of the novel coronavirus.
MACY’S STRONG HOLIDAY SEASON BRIGHTENS LACKLUSTER YEAR
The Cincinnati department-store operator said the closures, effective through the end of the month, include all Macy’s, Bloomingdale’s, Bluemercury, Macy’s Backstage, Bloomingdales the Outlet and Market by Macy’s stores.
Macy’s said it will provide benefits and compensation to employees affected by the closures, adding that it will continue to serve customers through its e-commerce sites.
The company said it will work with government and health officials to assess when it can reopen its stores.
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Shares of Macy’s were recently down 5.6% to $6.33 after reaching a 52-week low of $6.00 earlier in the session.
