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."

In a third-quarter earnings call on Wednesday, Macy's chairman and CEO Tony Spring said the company will close 65 more underperforming stores by the end of January 2025, up from the 55 closures it previously planned by the end of its fiscal year.

The increased closures are part of Macy's strategy to accelerate the closure of "non-go-forward stores," which are underperforming locations. The company remains committed to closing a total of 150 underperforming locations by the end of the 2026.

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,