Macy’s has announced it will close 11 stores said to be “underperforming.” The Macy’s store closings will begin next week with the start of the final clearance sales.
Macy’s Store Closings: The Details
The Macy’s closings don’t necessarily mean the company is scaling back, executives say. Rather, the Macy’s store closings are considered “part of the normal-course process to prune underperforming locations each year,” CEO Terry J. Lundgren says. The chain intends to add new stores over the long-term to replace the closed locations, he asserts. Four new locations are already being planned.
Associates at the affected stores will be considered for open jobs at other Macy’s locations. Severance benefits will also be provided.
Macy’s is expected to save $65 million with the closings.
Macy’s Closings: Which Stores Will Close?
Here is the full list of the Macy’s stores set to be closed:
• 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) *This store will not hold a final clearance sale
• 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).
Macy’s will have 848 stores remaining after the closures, including 40 Bloomingdale’s locations.