Macy’s Closing 11 Stores

Economy Store The department store says the layoffs are thanks to one of the worst holiday shopping seasons ever even though sales were better than expected.
by The Associated Press
Published: Thu, January 08, 2009 - 10:47 am CST Last Updated: Thu, January 08, 2009 - 10:51 am CST
NEW YORK (AP) - Macy's says it will close 11 underperforming
stores in 9 states - affecting 960 employees - after one of the
weakest holiday seasons in years.
Stores slated for closure include locations in Los Angeles, West
Palm Beach, Nashville and St. Louis, among others. Cincinnati-based
Macy's Inc. says the closures will cost about $65 million, most of
which will be booked in the 2008 fourth quarter.
The news comes as Macy's says its December sales at stores open
at least a year, or same-store sales, fell 4 percent. That's better
than the 5.3 percent drop analysts surveyed by Thomson Reuters were
expecting. However, Macy's is lowering its forecast for the fourth
quarter and full year due to heavy markdowns.
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KxVicious
KxVicious Says:
Fri, Jan 09, 2009 at 12:19 pm

I guess that means we’re not getting a Macy’s anytime soon. smile

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