Macy's on Tuesday announced plans to close 150 stores by the end of 2026, representing more than 30% of its locations.

The big picture: The retailer has been under pressure from activist investors who want the entire company put up for sale.

• Arkhouse Management last week nominated nine candidates to the Macy's board, after it rejected Arkhouse's $5.8 billion takeover offer.

Driving the news: Macy's laid out the store closures as part of what it calls a "A Bold New Chapter," which includes leaning into its high-end brands.

• The plan includes the addition of 15 new Bloomingdale's stores and 30 new Bluemercury stores over the next three years.

By the numbers: Company shares are down just over 2% so far in 2024, giving it a $5.3 billion market cap, but off more than 20% over the past five years.

Go deeper: Macy's closing more stores, cutting jobs in 2024