(Filed Under Fashion News). Macy’s, Inc. announced on Tuesday, January 5th that it will shutter five Macy’s locations, mostly in the midwest, affecting a total of 307 part-time and full-time employees. The company reported that those employees displaced by the closures may be offered positions at nearby stores when possible, and laid-off employees will receive severance pay and outplacement assistance. Final clearance at the stores will begin on Sunday, January 10th and will run for approximately 60 days. Those stores set to close are located in Boise, Idaho; Waterford, Mich; St. Ann, MO; Missoula, Mont; and Burlington, NJ.
According to the company, these closures are the result of its ongoing annual process to weed out underperforming locations, as well as open new ones to fill gaps in local markets. “We are committed to maintaining a healthy portfolio of stores, which requires us to make the difficult decision to close some stores that no longer meet our performance requirements, as well as to open new stores where we see opportunities,” Terry J. Lundgren, chairman, president and chief executive officer of Macy’s, Inc, said.
After the closures, Macy’s, Inc. will operate 809 Macy’s and 40 Bloomingdale’s stores. Last year Macy’s closed 11 stores, opened five and reopened two that had been closed for repairs following Hurricane Ike, and opened one replacement store.
The company also announced that it plans to open two new stores this year, in Santa Monica, Calif. and Dubai, its first international location.
During the third quarter ended October 31, 2009, Macy’s, Inc. cited a net sales drop of 3.9 percent and a same-store sales drop of 3.6 percent, as previously reported in BODY.
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