Macy's Closes 14 Stores Amid Saks Global Bankruptcy Warning

Macy's is shuttering 14 additional locations as part of its "Bold New Chapter" strategy following news that luxury rival Saks Global is teetering on the edge of bankruptcy.Tony Spring announced the closures targeting underperforming department stores across the USA while the company continues to invest in 125 "Reimagine" locations to boost sales.Meanwhile, Saks Global is desperately seeking a $1 billion loan after missing a $100 million interest payment and receiving a selective default credit rating from S&P.