Macy’s to close 150 stores around the country

(NBC, KYMA/KECY) - Macy's has announced plans to close about 150 stores across the country. The move is part of the retailer's "A Bold New Chapter" initiative, which aims to put a greater focus on luxury sales.

In a news release Tuesday, Macy's said it is shuttering unproductive locations, including approximately 50 by the end of the fiscal year.

The closures will leave approximately 350 locations, inlcuding small-format stores, still in operation.

The company says it is planning to open new bloomingdale's stores and at least 30 new Bluemercury stores over the next three years.

Macy's will also remodel roughly 30 existing stores of the beauty chain during that time.

The locations of the 150 closures were not immediately available, and a Macy's spokesperson did not immediately respond to a request for comment.