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惭补肠测鈥檚 will close 150 unproductive namesake stores over the next three years including 50 by year-end, the department store operator said Tuesday after posting a fourth-quarter loss and declining sales.

As part of the strategy, 惭补肠测鈥檚 aims to upgrade its remaining 350 stores, with plans to add more salespeople to fitting areas and shoe departments, while adding more visual displays like mannequins. At the same time, the company signaled a pivot to luxury, which has fared better overall. It said it would open 15 of its higher end Bloomingdale鈥檚 stores and 30 of its luxury Blue Mercury cosmetics locations.

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The 惭补肠测鈥檚 stores set to close account for less than 10% of its sales, the company said.

While adjusted net income and revenue topped Wall Street expectations, 惭补肠测鈥檚 offered a muted outlook for the year.

鈥淲e are making the necessary moves to reinvigorate relationships with our customers through improved shopping experiences, relevant assortments and compelling value,鈥� said 惭补肠测鈥檚 CEO聽, former CEO of Bloomingdale鈥檚 who succeeded Jeff Gennette earlier this month.

The plans come as the department store chain faces a proxy fight from聽聽which nominated a slate of nine director for election to 惭补肠测鈥檚 board last week. Last month, 惭补肠测鈥檚 rejected a $5.8 billion聽聽from the hedge fund and Brigade Capital Management, an investment manager.

Activist investors and pressure to increase sales are just two critical issues facing the new CEO.

Even before the pandemic, department stores were facing intense competition from online rivals. Neiman Marcus and JCPenney filed for bankruptcy protection, emerging as smaller entities.

Consumers have proven resilient and聽聽even after a bout of inflation, though behaviors have shifted, with some Americans聽聽to lower priced goods.

Spring told analysts that while inflation has slowed, so has labor and wage growth.

鈥淎s such, we expect our consumer to remain under pressure,鈥� said Spring, noting the company has to fight for market share in a tough environment. Even 鈥渁spirational鈥� luxury shoppers have pulled back, he said.

惭补肠测鈥檚 is maneuvering to shore up sales by accelerating the expansion of small-format stores that can provide more convenience to its customers. It announced plans in October to add up to聽聽through the fall of 2025, bringing the total number to roughly 42. The next round of expansion starts in the fall.

Yet 惭补肠测鈥檚 is still cutting jobs to lower costs. In January,聽聽said it would trim about 3.5% of its total workforce, roughly 2,350 employees, and close five locations. Spring told The Associated Press during a phone interview that he didn鈥檛 have an estimated number of workers impacted since the closures will happen over a three-year period.

Arkhouse and Brigade offered $21 for each of the remaining shares in 惭补肠测鈥檚 they don鈥檛 already own. 惭补肠测鈥檚 said it had had concerns about the financing plan and the value of the offer.

Last week, Macy said that it was seeking additional financing information from Arkhouse and Brigade to potentially advance talks with its board. Rather than providing that additional information, 惭补肠测鈥檚 said Arkhouse sought to extend its director nomination window by 10 days.

Spring told analysts the retailer still believes in its physical footprint.

鈥淲e believe in stores,鈥� he said. 鈥淲e have to focus on making sure that we have the best stores, not the largest number of stores.鈥�

The strategy comes after 惭补肠测鈥檚 surveyed 60,000 customers about what they liked and disliked about the shopping experience. What they found was that customers wanted less cluttered stores and more service. 惭补肠测鈥檚 also is overhauling its private brands, which help stores stand out and also have better profit margins. The company is focusing on upgrading the first group of 50 惭补肠测鈥檚 namesake stores, which will act as 鈥渋ncubators,鈥� Spring told The AP.

惭补肠测鈥檚 had a quarterly loss of $71 million, or 26 cents per share. Adjusted for impairment and restructuring charges, 惭补肠测鈥檚 earned $2.45 per share, topping Wall Street projections for $1.98, according to FactSet.

That compares with a profit of $508 million last year in the same period.

Sales fell nearly 2% to $8.12 billion but still better than the $8.09 billion that industry analysts had expected.

Online sales decreased 4% while sales at stores were roughly flat.

Overall, comparable sales, which included sales at stores and its digital channels opened at least a year, slipped 5.4%.

At its namesake stores, sales at stores opened at least a year fell 6% including its licensed business during the latest quarter, while the metric at Bloomingdale鈥檚 was down 1.5%.

The company expects profit for the current fiscal year in the range of $2.45 to $2.85 per share, while sales should range from $22.2 billion to $22.9 billion.

Analysts were expecting an annual profit of $2.77 per share on sales of $22.81 billion.