Macy’s announced Wednesday it will close 65 more stores after the Christmas holiday.
The major retailer’s move to shutter dozens of locations comes as part of a plan to get rid of 150 underperforming stores in the next three years, according to CBS News.
Macy’s CEO Tony Spring revealed on a third quarter earnings call Wednesday that 65 additional stores are on the chopping block, the outlet reported.
“We now expect to close roughly 65 locations this year,” the department store executive said on the call. “In line with our typical cadence, closures will occur post holiday.”
Macy’s previously announced in February that 50 stores would close by the end of the fiscal year, according to the outlet.
The company had delayed reporting its third-quarter earnings following a scandal in which an employee’s alleged extensive accounting error concealing $154 million triggered an investigation.
On Wednesday, Macy’s revealed more information about the incident, saying the independent investigation found that “a single employee with responsibility for small package delivery expense accounting intentionally made erroneous accounting accrual entries and falsified underlying documentation,” according to a Securities and Exchange Commission filing.
Macy’s chief operating officer and chief financial officer Adrian Mitchel said the error “was not theft” and that “there was no impact to revenues, and there was no impact to cash or inventories as all vendors were fully paid.”
The department store said it will overhaul its controls over financial reporting in response to the error, CBS News noted.
Macy’s opened its first store in 1858, according to the company’s official website.
