The list of Macy’s stores slated to close in 2024 has grown. The company says it’s good news

Macy’s future continues to evolve into a matter of haves and have-nots.

In its second-quarter earnings call this week, the retail giant gave an update on its two-pronged strategy in which it remodels and invests in some locations while marking others for closure. The master plan includes a list of so-called First 50 stores that Macy’s said Wednesday saw comparable sales increase for two consecutive quarters, helping Macy’s reach earnings per share of 53 cents on a diluted basis, compared to a loss per share. 8 cents last year.

As part of the ongoing plan, Macy’s said earlier this year it would close 150 locations through 2026, including about 50 stores by 2024. The accelerated timeline is actually good news as you want to cash in on the closing of the store with real estate deals.

“The punchline here is that we’re very pleased with the progress and progress,” said Adrian Mitchell, Macy’s chief financial officer, during the call. “We are getting healthy responses from landlords and developers. The deal pipeline is healthy in this area as well. “

Macy’s employees may not be bothered by the punchline. While the retailer has indicated that it has a good idea of ​​which stores will be closing—which it calls “non-progressive” locations versus “progressive” ones—the company has not publicly released a list of the layoffs. Some employees have stepped up since there are no official announcements with active rosters on the MacysStores subreddit that started about six months ago.

Macy’s declined to comment when asked for additional details about the closure.

Some areas have been showing signs of neglect. In commenting on The Retail DiveNeil Saunders of GlobalData used the phrase “dirty and disappointing” to describe the state of Macy’s stores that will not survive the company’s refresh.

However, the company says it is moving forward with all thrusts. In February, it announced plans to expand its Bloomingdale’s and Bluemercury brands to as many as 45 locations by the end of 2026 and that it would continue to invest in small-format locations—part of a pattern in the retail industry, which is becoming saturated. from the great superstore concepts of yesteryear.

Macy’s stock fell nearly 13% on Wednesday following the release of Q2 financial results.