M

acy's plans to close approximately 150 stores nationwide as part of a massive reorganization that will see the retailer pivot to a greater focus on luxury sales. The clothing chain announced Tuesday an initiative it's calling a "bold new chapter" that will involve shuttering "underproductive" locations, including approximately 50 by the end of the company's current fiscal year. The locations of the closures were not immediately available, and a Macy's spokesperson did not immediately respond to a request for comment. The closures will leave approximately 350 locations, including small-format stores, as well as Bloomingdale's and Bluemercury beauty and skincare locations. It is those latter brands that the company sees as its future: It said it plans to take advantage of its leadership position in the luxury market, where it said Bloomingdale’s and Bluemercury have been "outperformers" within the Macy’s portfolio. The company plans to build out 15 new Bloomingdale’s stores and at least 30 new Bluemercury stores, along with roughly 30 Bluemercury remodels, over the next three years.