Macy's is closing more stores than it originally announced earlier this year.

According to the company's third quarter earnings report, the department store chain is expected to close 65 locations by the end of the year, an increase from the 50 locations the company said it would close by the end of the fiscal year in February.

"We now expect to close roughly 65 locations this year," said Macy's CEO Tony Spring in the earnings call. "In line with our typical cadence, closures will occur post holiday."

The retail giant said in February that by 2026, it planned to shut down 150 "unproductive" stores, or roughly 30% of all its locations, while prioritizing investments in 350 "go-forward" stores. Macy's also said at the time the move, dubbed as "A Bold New Chapter," will allow it to focus its resources and prioritize other stores.

“A Bold New Chapter serves as a strong call to action. It challenges the status quo to create a more modern Macy’s, Inc," said Tony Spring, Macy’s CEO, in a statement in February. "We are making the necessary moves to reinvigorate relationships with our customers through improved shopping experiences, relevant assortments and compelling value."

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Company still plans to expand Bloomingdale's, Bluemercury brands

Despite the planned shuttering of Macy's locations, the company says it also wants to expand Bloomingdale’s and Bluemercury by 45 locations altogether, signaling increased investment in the luxury sector.

The company announced earlier this year plans for about 15 Bloomingdale's stores and at least 30 Bluemercury locations in the next three years. About 30 Bluemercury stores are set for remodeling, as well.

In the third quarter earnings report, the company says it has remodeled five Bluemercury locations and opened nine new locations so far this year.

Latest on Macy's employee:Macy's says employee who allegedly hid $150 million in expenses had no major 'impact'

Macy's says employee who allegedly hid $150 million in expenses had no major 'impact'

Macy's third quarter earnings report also further addressed any potential impact on its financial performance after an employee allegedly hid $151 million in delivery expenses over a nearly three-year period.

The company stated that after it completed an independent investigation into the matter, it was determined that there was "no material impact to financial results for any historical annual or interim period."

In late November, Macy's announced that an employee "with responsibility for small package delivery expense accounting intentionally made erroneous accounting accrual entries" to hide between $132 million to $154 million of total delivery expenses from the fourth quarter of 2021 through the fiscal quarter that ended Nov. 2, according to the department store chain's press release.

Throughout the alleged conduct, Macy's recorded about $4.36 billion in delivery expenses, the company said, adding that there was no indication that "the erroneous accounting accrual entries had any impact on the company’s cash management activities or vendor payments."

The individual accused of hiding millions of dollars is no longer employed with the company, according to the release. Also, an independent investigation has not identified any other employee involved in the alleged misconduct, the retailer said.

Julia is a trending reporter for USA TODAY. She has covered various topics, from local businesses and government in her hometown, Miami, to tech and pop culture. You can follow her on X, formerly known as Twitter, Instagram and TikTok: @juliamariegz.

Diana Leyva covers trending news and service journalism for The Tennessean. Contact her at [email protected] or follow her on X, the platform formerly known as Twitter, at @_leyvadiana

Gabe Hauari is a national trending news reporter at USA TODAY. You can follow him on X @GabeHauari or email him at [email protected].