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Macy's to close five under-performing stores

January 07, 2010

New York--Macy's has announced plans to close five stores in "underperforming locations," and says it will 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 Lundgren, Macy's chairman, president and chief executive officer said in a release dated Wednesday.

The Macy's stores slated for closure are in the following locations:
  • Downtown Boise, Idaho: 118,000 square feet; 61 employees
  • Summit Place Mall, Waterford, Mich.: 285,000 square feet; 70 employees
  • Northwest Plaza, St. Ann, Mo.: 240,000 square feet; 71 employees
  • Downtown Missoula, Mont.: 113,000 square feet; 55 employees
  • Burlington Center Mall, Burlington, N.J.: 185,000 square feet; 50 employees.20

Final clearance sales at these stores will begin on Sunday, Jan. 10, and will run for approximately 60 days.

"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," Lundgren said.

The company is committed to treating associates who are affected by the closured "with respect and openness," he added.

In 2009, the company opened five new Macy's stores in the following locations: Gilbert, Ariz.; Fresno and Visalia, Calif.; Lee's Summit, Mo., and Fairview, Texas. It also reopened two stores in Houston that had been closed due to  damage that occurred during Hurricane Ike in 2008, and opened a new replacement store in Nampa, Idaho.

In 2010, Macy's says it currently anticipates opening new Bloomingdale's stores in Santa Monica, Calif., and in Dubai, United Arab Emirates, which would be its first international location. Following the store closings announced Wednesday, Macy's, Inc., will operate 849 stores, including 809 Macy's and 40 Bloomingdale's stores.
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