MACY’S INC., $58.19, New York symbol M, operates 885 Macy’s and Bloomingdale’s department stores. It also sells goods online. This week, the company said it would close 35 to 40 of its less profitable Macy’s stores over the next few months. In all, these outlets supply 1% of the company’s sales. It didn’t say how much it expects to pay in severance and other costs. Like most traditional retailers, Macy’s is facing intense competition from online sellers like Amazon.com, which are expanding beyond books and movies to other merchandise such as clothing, shoes and cosmetics. Specialty chains and discount retailers, like Wal-Mart and Target, are also drawing shoppers away from department stores. In response, Macy’s has developed a strategy that combines its stores and websites, which includes letting shoppers order goods online and pick them up at a nearby outlet. The company is also opening its own discount stores, called Macy’s Backstage, that will sell clearance clothing, shoes, home furnishings and jewellery…