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Macy's - The history
In 1858, Rowland Hussey Macy established the department store known as Macy's. In 1994, it became a division of the Cincinnati-based Federated Department Stores, through which it is affiliated with the Bloomingdale's department store chain. The company was renamed Macy’s Inc, in the year 2007, and as at 2015, it was the largest Americas department store company by retail sales. As at 2017, the company operates 669 full-line stores throughout Puerto Rico, United States, and Guam.
In August 2016, Macy's Proclaimed that it would close 100 stores in early 2017. Closings of the store will save $550 million a year and cut more than 10,000 jobs. Macy's will instead invest $250 million in digital business and growth strategies for the remaining stores. Macy's revealed the locations of 81 of the 100 store closures in January 2018.
In September 2016, Macy's declared that it would be opening an Apple Store in its flagship location, making it the first department store to host an Apple store. The news came after six straight quarters of sales drops and significant store closings. In early January 2017, the value of Macy's shares fell 14%, its most significant decline in seven months.
Macy's Inc. was operating 888 stores by the third quarter of 2016, including Macy's, Backstage, Bloomingdale's, Bluemercury, and Bloomingdale's Outlets. Macy’s owned 729 stores out of the 888. In addition, the Hudson's Bay Company made an overture to Macy's for a potential takeover of the struggling department store In February 2017.
