Macy's former CEO expects more store closures ahead in 2021

More than 11,000 retail stores have closed in 2020 and former Macy's CEO Terry Lundgren expects to see larger numbers of locations to do the same in the new year. “We’re not done yet. ... We’re going to learn even more when we get through the holiday season,” he said. “Retailers who have a weak balance sheet today aren’t going to get relief in January. It’s going to get tougher. When the volume of purchases drops dramatically after Christmas, the expenses remain.”