Macy's Closing 11 Stores
CINCINNATI, Jan 08, 2009 (BUSINESS WIRE) -- Macy's, Inc. (NYSE:M) today announced the closing of 11 underperforming Macy's stores.
"These closings are part of our normal-course process to prune underperforming locations each year in order to maintain a healthy portfolio of stores," said Terry J. Lundgren, chairman, president and chief executive officer of Macy's, Inc. "While new store growth has slowed in the current economy, our long-term strategy is to continue to selectively add new stores while closing those that are underperforming."
(Editor's Note: Macy's, Inc. this morning also issued a separate news release reporting December 2008 sales.)
Stores to be closed are located in:
-- Ernst & Young Plaza (Citicorp Plaza), Los Angeles, CA (135,000 square feet; 136 employees; opened in 1986)
-- The Citadel, Colorado Springs, CO (195,000 square feet; 105 employees; opened in 1984)
-- Westminster Mall, Westminster, CO (156,000 square feet; 110 employees; opened in 1986)
-- Palm Beach Mall, West Palm Beach, FL (190,000 square feet; 71 employees; opened in 1979)
-- Mauna Lani Bay Hotel, Island of Hawaii, HI (3,000 square feet; 3 employees; opened in 1983)
-- Lafayette Square, Indianapolis, IN (160,000 square feet; 84 employees; opened in 1974)
-- Brookdale Center, Brooklyn Center, MN (195,000 square feet; 72 employees; opened in 1966)
-- Crestwood Mall, St. Louis, MO (166,000 square feet; 176 employees; opened in 1969)
-- Natrona Heights Plaza, Natrona Heights, PA (73,000 square feet; 124 employees; opened in 1956)
-- Century III Furniture and Clearance, West Mifflin, PA (83,000 square feet; 3 employees; opened in 2000)
-- Bellevue Center, Nashville, TN (211,000 square feet; 76 employees; opened in 1990).
Final clearance sales at these stores will begin within the next week (with the exception of the Hawaii location, which will not hold a final clearance sale).
"The decision to close stores is difficult, and often occurs when the market changes, new competing shopping centers are opened nearby to existing older ones, or when customers change shopping habits. In the store closing process, we are committed to treating affected associates with respect and openness," Lundgren said.
Affected associates in good standing may be considered for open positions at other Macy's locations. Regular full-time and part-time associates who are laid off due to a store closing will be provided severance benefits and outplacement assistance.
Costs associated with these 11 store closings will be approximately $65 million (of which approximately $12 million will be cash), most of which will be booked in the fourth quarter of 2008.
The company opened four new Macy's stores and one furniture gallery in 2008, as well as reopened a New Orleans store damaged by Hurricane Katrina. In 2009, Macy's, Inc. expects to open three new Macy's stores and one replacement store. Following the store closings announced today, Macy's, Inc. will operate 848 stores - 808 Macy's and 40 Bloomingdale's.
Macy's, Inc., with corporate offices in Cincinnati and New York, is one of the nation's premier retailers, with fiscal 2007 sales of $26.3 billion. The company operates more than 840 department stores in 45 states, the District of Columbia, Guam and Puerto Rico under the names of Macy's and Bloomingdale's. The company also operates macys.com and, bloomingdales.com. Prior to June 1, 2007, Macy's, Inc. was known as Federated Department Stores, Inc.
All statements in this press release that are not statements of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of Macy's management and are subject to significant risks and uncertainties. Actual results could differ materially from those expressed in or implied by the forward-looking statements contained in this release because of a variety of factors, including conditions to, or changes in the timing of, proposed transactions, prevailing interest rates, competitive pressures from specialty stores, general merchandise stores, manufacturers' outlets, off-price and discount stores, new and established forms of home shopping (including the Internet, mail-order catalogs and television) and general consumer spending levels, including the impact of the availability and level of consumer debt, the effect of weather and other factors identified in documents filed by the company with the Securities and Exchange Commission.
(NOTE: Additional information on Macy's, Inc., including past news releases, is available at www.macysinc.com/pressroom)
SOURCE: Macy's, Inc.
Pet Care | Real Estate | Restaurants | Tech | View All | * Add/Upgrade Business
Placer County News Headlines6 Arrested in Marijuana and Cockfighting BustDuring the execution of the search warrant on 28th Street and Angus Way, Deputies discovered a large scale Marijuana grow of approximately 950 plants and 200 pounds of processed marijuana
Roseville Crime Report Digest Update (7.7.15)Roseville weekly crime report digest update for July 7, 2015.
Sports Complex in Roseville Seeks Operations DirectorPlacer County, CA - Placer Valley Sports Complex, Inc. has started a nationwide search to hire a Director of Sports Complex Operations
Placer County Camping Ban Begins August 6thThe Placer County Board of Supervisors took final action today to adopt an ordinance that will prohibit camping on most county-owned properties beginning Aug. 6.
Lake Francis: Family Friendly GetawayIf a little R&R is on your mind, look no further than the tiny, but enjoyable Lake Francis Resort tucked away in the quiet community of Dobbins, CA.
Rocklin Crime Report Digest Update (7-6-15)Rocklin, CA - Weekly crime report summary and digest update in Rocklin, CA.
Roseville Gas Prices: Find the Best DealsRoseville, CA - Finding the best deals on gas in Roseville is always one click away.
Free Spay and Neuter for all Placer County CatsRoseville, CA -With the arrival of hot summer weather, an increasing number of homeless kittens are arriving at area animal shelters
2016 Acura MDX retains luxury appeal2016 Acura MDX: Now in its seventh year of production by Honda's luxury division, the Acura MDX is one of many midsize luxury crossover sport utility vehicles
50 Days of the Grateful Dead: Estimated Prophet / Terrapin StationTonight in Chicago, the final show of Fare Thee Well, a celebration of 50 years of Grateful Dead's music takes place at Soldier Field
Smart Choice: Don't Drink and Drive Californians love to celebrate the Fourth of July with family, friends, food, and fireworks. All too often these celebrations and festivities turn tragic when someone decides
Quick Tips on Beating the HeatPlacer County public health officials are urging residents to take common-sense precautions so they and their families stay safe during this week's ongoing heat wave
NEWS: In Case You Missed It