Macy's to close up to 40 underperforming stores in early 2016

Macy's Inc. announced plans Tuesday to close 35 to 40 underperforming stores in early 2016. The store closures represent about 1% of the company's sales. "Each year, we prune some stores that are our weakest performers so that we can concentrate our resources on the best locations and maintain a strong physical presence," said Terry Lundgren, Macy's chief executive officer. Lundgren said the opening of new shopping centers shifts consumer habits, prompting closures. The stores that are closing haven't yet been determined. Macy's operates 770 stores. Earlier Tuesday, the retailer announced a partnership with Best Buy that will bring consumer electronics departments to 10 test locations. Macy's closed up 1.3% at $59.17.

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