Macy's said it will close 65 stores this year, an increase from the 50 locations it previously announced it would shutter by the end of the fiscal year. The closures are part of its plan to eliminate roughly 150 underperforming stores over the next three years.

According to Macy's, the additional store closures are in line with the retailer's plan for "accelerating luxury growth."

Macy's is accelerating its plan to close underperforming stores by the end of the year. The company plans to shutter 65 stores after the holidays.

Macy's revealed the news during a Q3 earnings call, which had been delayed after an employee was accused of hiding $151 million.

With its net sales down 2.4% year over year, the retail giant is closing even more underperforming stores, Macy’s shared in an earnings call. Macy’s CEO Tony Spring said Thursday on a Q3 earnings call that the retailer will close about 65 locations by the end of January 2025,