Macy's Plans To Close 100 Stores In 2017

DETROIT (WWJ/AP) - Macy's says it plans to close about 100 stores next year as the department store operator aims to become more nimble in a competitive market. That represents close to 14 percent of its store base.

The closures come as Macy's reported Thursday that second-quarter profits and sales fell. The results, however, beat Wall Street estimates as efforts to bring back customers are taking hold.

Macy's hasn't said yet which stores are closing, but the company operates 19 stores in Michigan: Ann Arbor, Battle Creek, Dearborn, Flint, Fort Gratiot, Grandville, Harper Woods, Kentwood, Lansing, Novi, Okemos, Portage, Saginaw, Sterling Heights, Taylor, Traverse City, Troy (two locations) and Westland.

The nation's largest department store chain says that it earned $11 million, or 3 cents per share, in the quarter ended July 30. That compares with $217 million, or 64 cents per share, in the year-ago period.

Excluding charges that are related to store closings, the company earned 51 cents, which is above the 48 cent estimate from FactSet.

Revenue fell 3.9 percent to $5.87 billion. That topped the $5.77 billion estimate from FactSet.

TM and © Copyright 2016 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2016 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.