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Macy's closing up to 40 more stores

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Macy's plans to shutter as many as 40 more stores in early 2016, picking up the pace of its closings.

The stores, which haven't been identified, account for 1 percent of total sales and over 5 percent of Macy's locations, according to CNNMoney.

During the past five years, Macy's has closed 52 stores and opened 12 new locations.

Read more from CNNMoney.

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