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Macy’s is planning on closing 150 nameplate stores as it gears up to fight a rapidly heating proxy battle that is being waged over the company’s expansive real estate portfolio. Macy’s “Bold New Chapter” strategy—the first strategic pivot under new CEO Tony Spring—aims to close 150 unproductive Macy’s locations in the long term, including 50 stores that will close by the end of fiscal 2024. The company plans to reinvest in remodeling the roughly 350 remaining stores, as well as in opening more small-format locations.