Macy’s will close 150 stores over the next three years with 50 shutting down by the end of the year, according to financial statements released this week.

The move, dubbed “A Bold New Chapter,” comes after the retailer posted a fourth-quarter loss and declining sales.  While it has not identified the locations that will be closed, it described them as “underproductive.”

Macy’s operates one location in Alabama at the Riverchase Galleria.

“We are making the necessary moves to reinvigorate relationships with our customers through improved shopping experiences, relevant assortments and compelling value,” Tony Spring, chief executive officer, Macy’s, Inc., said in a statement. “Our teams are energized by the work ahead as we accelerate our path to market share gains, sustainable, profitable growth and value creation for our shareholders.”

Amid the Macy’s closures – which represent roughly 30% of all Macy’s locations – the retailer plans to open 15 high-end Bloomingdale’s stores and 30 Blue Mercury cosmetic locations.

The restructuring plan will leave Macy’s with 350 locations.

In January, Macy’s announced it would close five stores and cut 2,350 jobs, roughly 13% of its corporate staff. The original round of closures included Ballston Quarter, Arlington, Virginia; Bayfair Center, San Leandro, California.; Kukui Grove Center, Lihue, Hawaii; Simi Valley Town Center, Simi Valley, California.; and Governor’s Square, Tallahassee, Florida.