Macy’s (M) has no plans to expand into Canada, the company announced today.
Macy’s said that it was looking at the possibility of moving its stores to the United States.
Macy said that “we believe it would be in the best interest of the Canadian and U.S. communities” for its stores not to expand.
The announcement comes as Canada’s economy continues to shrink and with many retailers facing a looming closure, Macy’s shares have plummeted.
Macy announced earlier this year that it would close more than a dozen stores in Canada and the U.K. in the next year.
Macy has a total of 4,829 stores in the U, 3,892 in the United Kingdom and 1,738 in Canada.
Macy shares are down nearly 2% this year, according to FactSet.
Macy is the fourth-largest U. S. department store operator and has a strong presence in Canada, with more than 50 stores there.
Macy also operates more than 2,200 U. K. and U,S. stores.