Macy's is closing 66 stores across 22 states in an effort to "return the company to sustainable, profitable sales growth," the retailer said in a Jan. 9 statement. Out of the 66 outlets, two have already been closed. A majority of the stores are expected to be closed during the first quarter of 2025.

Meanwhile, Kohl's announced plans to shutter 27 "underperforming stores" across 15 states by April this year.

Macy's year-over-year quarterly revenue growth registered declines for the past 10 consecutive quarters. The retailer's "Bold New Chapter" strategy plans to shut down 150 unproductive stores while "investing in its 350 go-forward Macy's locations through fiscal 2026," the statement said.

Macy's CEO Tony Spring said that closing unproductive outlets would "allow us to focus our resources and prioritize investments in our go–forward stores, where customers are already responding positively to better product offerings and elevated service."

Shares of the company were down by more than 15 percent over the past year.

As for Kohl's, most of the closures are set to take place in California, with 10 outlets shutting down in the state.

In addition, the company aims to shutter its San Bernardino E-commerce Fulfillment Center (EFC) in May, when the facility's lease term expires. It is one of the 15 EFCs and distribution centers linked to the company across the United States.

Kohl's justified the decision, saying it is in a position to fulfill orders without the San Bernardino facility.

"All associates have been informed, and offered a competitive severance package or the ability to apply to other open roles at Kohl's," it said.

Kohl's quarterly revenues have registered a year-over-year decline for 11 straight quarters. Over the past year, the company's shares have crashed by more than 51 percent.