Macy's has recently been in the news due to significant operational changes, including the announcement of plans to close 150 stores by 2026. This decision comes amid broader challenges facing the retail sector, with analysts highlighting issues beyond accounting errors. Additionally, the retailer's Thanksgiving Day Parade, a long-standing tradition since 1924, continues to draw attention, showcasing Macy's cultural significance.
Founded in 1858 by Rowland Hussey Macy, Macy's (originally R. H. Macy & Co.) has evolved into a prominent American department store chain. It became part of Federated Department Stores in 1994, aligning with other brands like Bloomingdale's. Over the years, Macy's has faced various market pressures, prompting leadership changes, including the recent appointment of Ashley Buchanan as CEO, marking the third executive transition since 2018.