Macy’s estimated yearly revenues below market expectations due to lackluster demand for its apparel and shoes, and it announced plans to eliminate 150 locations by 2026 as part of a new turnaround plan, sending its shares down around 2% before the bell on Tuesday.

The department store chain did not disclose information on shop locations or whether there would be additional layoffs, reported Reuters. It also intends to monetize $600 million to $750 million in assets over the next three years.

During the holiday season quarter, comparable sales fell 4.2%, beating analysts’ expectations of a 5.8% decrease, as severe discounts enticed customers., as severe discounts enticed customers, noted the report.


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