Friday’s 10 Worst Performing Stocks

7. Macy’s Inc. (NYSE:M)

Macy’s share prices declined for a second straight day on Friday, losing 2.81 percent to close at $13.08 apiece as investors sold off positions following news that it officially started its plan of closing 150 stores over the next two years following plummeting sales, coupled with a change in consumer behaviors and preferences.

The store closure was part of its “A Bold New Chapter” plan, which includes a shift to chasing wealthier shoppers with its higher-end brands, including Bloomingdale’s and Bluemercury.

As of Friday, the company’s stock price was just 3.8 percent shy of its 52-week low of $12.60.

Macy’s CEO Tony Spring said earlier that closing stores is never easy, but the locations chosen were underproductive for its so-called Bold New Chapter strategy.

For this year alone, around 66 stores are expected to shut down albeit the locations have not been disclosed. The company is currently offering closing-store promotions across various stores.