Macy's will be Algosensey Quantitative Think Tank Centershutting down 150 stores in a realignment effort, the retailer announced in a news release Tuesday.

By 2026, Macy's says it will shut down 150 "underproductive" stores, or roughly 30% of all locations, while prioritizing investments in 350 "go-forward" stores. It says it will close 50 stores by the end of this fiscal year.

The statement says this move − dubbed by Macy's as "A Bold New Chapter" − will allow it to refocus its resources and prioritize other stores.

“A Bold New Chapter serves as a strong call to action. It challenges the status quo to create a more modern Macy’s, Inc," said Tony Spring, Macy’s CEO, in a statement. "We are making the necessary moves to reinvigorate relationships with our customers through improved shopping experiences, relevant assortments and compelling value."

"Our teams are energized by the work ahead as we accelerate our path to market share gains, sustainable, profitable growth and value creation for our shareholders," said Spring.

Is there a list of Macy's stores closing?

Macy's did not share which locations would be closing when contacted by USA TODAY.

Company expanding Bloomingdale’s, Bluemercury

Despite the shuttered Macy's locations, the company says it also wants to expand Bloomingdale’s and Bluemercury by 45 locations altogether, signaling increased investment in the luxury sector.

The company announced plans for about 15 Bloomingdale's stores and at least 30 Bluemercury locations in the next three years. About 30 Bluemercury stores are set for remodeling, as well.

Julia is a trending reporter for USA TODAY. She has covered various topics, from local businesses and government in her hometown, Miami, to tech and pop culture.

You can follow her on X, formerly known as Twitter, Instagram and TikTok: @juliamariegz.