Macy's Inc. experiences a 1.7% sales drop in Q4 of 2023 compared to the previous year.

The retailer announces the closure of 150 stores by 2026, with an initial 50 stores closing by the end of 2024.

Macy's shifts focus towards its luxury brands, planning to open smaller, non-mall stores and expanding Bloomingdale's and Blue Mercury outlets.

Macy's is engaged in a proxy battle with Arkhouse Management and Brigade Capital Management.

The company is responding to the industry's challenges by accelerating the growth of small-format stores.

Store closures are expected to incur a $50 million charge for employee termination costs, with potential transfers available for some employees.

Following the strategic announcement, Macy's shares increased by nearly 5%.

Macy's also plans to sell its Union Square location in San Francisco, though it will remain open for now.