The company's Series A shares will continue to trade following a reverse stock split while its Series B shares will be delisted.
Macy’s to open 2 additional outlet stores
The retailer now plans to open Macy’s Backstage stores in The Bronx and in West Orange, N.J., on top of the four initial pilot locations announced last month.
Cincinnati--Macy’s Inc. announced plans for two more outlet stores on Monday, expanding the number of Macy’s Backstage pilot stores from four to six.
The retailer said it will open Macy’s Backstage stores in Fordham Place in The Bronx, N.Y., and in the Essex Green Shopping Center in West Orange, N.J., where it is converting an existing Macy’s into a Macy’s Backstage off-price store.
The stores are expected to open in the fall and each will average about 30,000 square feet. They will hire between 30 to 45 employees.
The Macy’s Backstage stores in The Bronx and West Orange are in addition to the four pilot stores announced by Macy’s when it revealed its plans to launch outlet stores in early May.
The other four stores, also in the New York City metropolitan area, are in the Sheepshead Bay neighborhood of Brooklyn, Queens Place in the Elmhurst section of Queens, the Lake Success Shopping Center in New Hyde Park, N.Y., and Melville Mall in Huntington, N.Y.
The Backstage stores will accept Macy’s charge cards but consumers won’t be able to use any coupons there.
More details about the stores will be announced as the openings approach, Macy’s said.
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