The list of Macy’s stores marked for closure in 2024 got bigger. The company says it’s good news

The future of Macy’s continues to evolve into a story of haves and have-nots.

In its second-quarter earnings call this week, the retail giant offered an update on its bifurcated strategy in which it is remodeling and investing in certain locations while marking others for closure. The master plan includes a so-called First 50 list of stores that Macy’s said on Wednesday have seen comparable sales increase for two consecutive quarters, helping Macy’s swing to an earnings per share of 53 cents on a diluted basis, compared to a loss per share of 8 cents a year ago.

As part of this ongoing plan, Macy’s said earlier this year that it would close 150 locations through 2026, including an estimated 50 stores in fiscal 2024. That latter estimate has since been increased to 55 stores, Macy’s said on Wednesday, but the company says the accelerated timeline is actually good news as it seeks to monetize the store closures through real-estate deals.

“The punchline here is we’re very pleased with the traction and progress,” Adrian Mitchell, Macy’s chief financial officer, said during the call. “We’re getting very healthy responses from landlords and developers. The deal pipeline is healthy even in this environment.”

Macy’s employees may be less tickled by the punchline. While the retailer has indicated that it has a good idea of which stores will close—referring to them as “non-go-forward” locations versus “go-forward” ones—the company hasn’t publicly released a list of underperformers. Some workers have stepped up in the absence of official announcements with a running list on the MacysStores subreddit that began about six months ago.

Macy’s declined to comment when asked for more details about closures.

Some locations have been showing signs of neglect. In a comment to Retail Dive, Neil Saunders of GlobalData used the phrase “very messy and dispiriting” to describe the condition of Macy’s stores that won’t survive the company’s refresh.

Still, the company says it’s moving forward on all thrusters. In February, it announced plans to expand its Bloomingdale’s and Bluemercury brands by as many as 45 locations by the end of 2026 and that it would continue to invest in smaller-format spaces—part of a pattern across the retail industry, which is moving away from the giant superstore concepts of yore.

Macy’s stock was down almost 13% Wednesday following the release of its Q2 financial results.