Macy’s is closing more stores than it originally announced earlier this year.

According to the business’s third quarter returns update, the department store chain is expected to close 65 locations by the complete of the year, an boost from the 50 locations the business said it would close by the complete of the financial year in February.

“We now expect to close roughly 65 locations this year,” said Macy’s CEO Tony Spring in the returns call. “In line with our typical cadence, closures will occur post holiday.”

The retail giant said in February that by 2026, it planned to shut down 150 “unproductive” stores, or roughly 30% of all its locations, while prioritizing investments in 350 “leave-forward” stores. Macy’s also said at the period the shift, dubbed as “A Bold recent Chapter,” will allow it to focus its resources and prioritize other stores.

“A Bold recent Chapter serves as a powerful call to action. It challenges the position quo to make a more modern Macy’s, Inc,” said Tony Spring, Macy’s CEO, in a statement in February. “We are making the essential moves to reinvigorate relationships with our customers through improved shopping experiences, relevant assortments and compelling worth.”

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business still plans to expand Bloomingdale’s, Bluemercury brands

Despite the planned shuttering of Macy’s locations, the business says it also wants to expand Bloomingdale’s and Bluemercury by 45 locations altogether, signaling increased property in the luxury sector.

The business announced earlier this year 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.

In the third quarter returns update, the business says it has remodeled five Bluemercury locations and opened nine recent locations so far this year.

Latest on Macy’s employee:Macy’s says employee who allegedly hid $150 million in costs had no major ‘impact’

Macy’s says employee who allegedly hid $150 million in costs had no major ‘impact’

Macy’s third quarter returns update also further addressed any potential impact on its business achievement after an employee allegedly hid $151 million in delivery costs over a nearly three-year period.

The business stated that after it completed an independent investigation into the matter, it was determined that there was “no material impact to financial results for any historical annual or interim period.”

In late November, Macy’s announced that an employee “with responsibility for tiny package delivery expense bookkeeping intentionally made erroneous bookkeeping accrual entries” to hide between $132 million to $154 million of total delivery costs from the fourth quarter of 2021 through the financial quarter that ended Nov. 2, according to the department store chain’s press release.

Throughout the alleged conduct, Macy’s recorded about $4.36 billion in delivery costs, the business said, adding that there was no indication that “the erroneous bookkeeping accrual entries had any impact on the business’s money management activities or vendor payments.”

The person accused of hiding millions of dollars is no longer employed with the business, according to the release. Also, an independent investigation has not identified any other employee involved in the alleged misconduct, the retailer said.

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

Diana Leyva covers trending information and service journalism for The Tennessean. Contact her at [email protected] or pursue her on X, the platform formerly known as Twitter, at @_leyvadiana

Gabe Hauari is a national trending information reporter at USA TODAY. You can pursue him on X @GabeHauari or email him at [email protected].