Its market value just a fraction of what it was five years ago, Macy's is being removed from the S&P 500 index. Macy's has been struggling amid competition from discounters and online retailers like Amazon.
S&P Dow Jones Global Indices said Tuesday that Macy's will be removed from the benchmark S&P 500 and shifted to the S&P SmallCap 600 as of Monday.
The retailer is being replaced on the larger index by Carrier Global, which makes refrigeration and fire and security products.
At the start of 2015, Macy's had a stock market value of around $23 billion. In midday trading Wednesday, shares traded at $4.68, giving Macy's a market cap of about $1.45 billion.