Macy's Inc. shares surged 5.52% to $23.72 after CEO Tony Spring announced the closure of 14 underperforming stores as part of the company's strategic 'Bold New Chapter' turnaround plan.
- The closures are part of a larger initiative designed to streamline operations, which includes shuttering 150 locations while investing in 125 'Reimagine' stores.
- Clearance sales for the affected stores are scheduled to begin in mid-January.