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.
Print This Article
Placer County News HeadlinesChronic Fatigue Syndrome Often Not BelievedChronic Fatigue Syndrome (CFS), also called Chronic Fatigue Immune Dysfunction Syndrome, had Carl Miller and his doctors, completely baffled for a long while.
Lexus LX570 SUV: Big, Attractive and SafeWhat most drivers will like about the Lexus LX570 is the combination of gracious around-town capability and its ability to go off-road in rugged winter conditions
Can You Get a Mortgage?Realtor, Julie Jalone, of MagnumOne Realty in Roseville, writes about a the current mortgage underwriting environment, how it is perceived buy potential home buyers and what lenders should do to accelerate the housing recovery here in Sacramento and across the country.
Santa to Visit Roseville Neighborhoods ScheduleRoseville, CA - After talking with Santa, he was able to work some time in his schedule to visit six Roseville neighborhoods this year before the holidays
Holiday Ice Rink in Roseville at GalleriaThe outdoor Bayside Ice Rink at the Westfield Galleria at Roseville is now open for the holiday season.
Rocklin Gets Ready for Santa VisitRocklin, CA -- Once again this year Santa Claus has requested the assistance of the Rocklin firefighters in escorting him through the local non-gated neighborhoods of Rocklin
Old Sacramento Holiday Theatre of LightsKnown as a magical, electrifying and family-friendly holiday tradition in Old Sacramento, the ever-popular and FREE Theatre of Lights performances return on Wednesday
Thanksgiving Fire Safety TipsCooking is, and has long been, the leading cause of home structure fires and home fire injuries, and according to the
Immigration Executive Action: Republicans and DemocratsAnother stark contrast of opposing sides on Obama's Executive Action on Immigration, highlighted by two Republican Congressman Tom McClintock's remarks and the California Democratic Party
PCWA Moves Forward on Watershed RemediationIn the aftermath of the massive King Fire, the Placer County Water Agency is taking emergency steps to prevent and manage the runoff of fire debris and erosion into the
Holiday Flu Could Be Grinch This YearWith Thanksgiving nearing and the holiday season upon us, many people will be hitting the malls for shopping, the airways for travel, and interacting with large groups of people
Placer County Honors Citizens with Commemorative CoinsThe Placer County Board of Supervisors honored Dr. Bryce Jessup of William Jessup University and volunteer extraordinaire Fuzzy Jarnagin of Loomis Tuesday, presenting them with