Macy’s Inc. has announced a series of cost-cutting measures that will include closing its Chesapeake Square location, along with two others in Hampton Roads.

“In light of our disappointing 2015 sales and earnings performance, we are making adjustments to become more efficient and productive in our operations,” Macy’s chairman and chief executive officer Terry J. Lundgren said in a press release.

“In some cases, there will be short-term pain as we tighten our belt and realign our resources. But our eye is on a long-term vision of Macy’s Inc. as a dynamic retailer that serves existing customers and acquires new ones through innovative approaches to the marketplace.”

Macy’s stores at Chesapeake Square, Peninsula Town Center and Military Circle are among the 40 that will be closed. Also closing in Virginia will be stores at Virginia Center Commons in Glen Allen and Regency Square in Richmond.

The chain has about 770 stores in total, according to the press release.