It may be time to say goodbye to your local Macy's. As sales continue to sag, Macy's Inc. announced Thursday that it's planning to close 100 of its department stores, adding to another 40 store closures announced earlier this year. Macy's sales have declined six quarters in a row.
Macy's has yet to announce which store locations will be closing, but CNNMoney reported it will be stores that have "suffered a steady decline in sales and profitability." Most of the closures are slated for early next year, Macy's CEO Terry Lundgren said.
Following the announcement Thursday morning, Macy's shares jumped more than 14 percent in early trading.
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