Macy’s (M) has provided an update.
Macy’s has reported substantial costs of around $1 billion in the fourth quarter of fiscal 2023, signaling a major shift in its business strategy. These costs are largely due to a strategic move that involves closing about 150 stores over three years, aiming to bolster profitable growth and increase market share. The costs include a significant $950 million for asset impairment and $50 million for severance payouts, with the latter expected to be settled by the second quarter of fiscal 2024.
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