Home / Knowledge / News / Apparel/Garments / Macy's announces closure & new store openings
Macy's announces closure & new store openings
05
Jan '12
Macy's Inc. announced a series of store openings and closings as part of the company's normal-course process to selectively prune underperforming locations while also opening new ones to fill gaps in local markets and take advantage of new opportunities at both Macy's and Bloomingdale's.

"We continue to be committed to maintaining a healthy portfolio of stores that allows us to focus on growth from our best and most productive locations," said Terry J. Lundgren, Macy's chairman, president and chief executive officer. "This requires us to make some difficult decisions to close stores that no longer meet our performance requirements, as well as to open stores where we see opportunity."

The company is committed to treating associates affected by store closings with respect and openness. Associates displaced by store closings may be offered positions in nearby stores where possible. Regular full-time and part-time associates who are laid off due to the store closings will be provided severance benefits.

In conjunction with these store closings, an estimated $25 million to $30 million of costs (of which approximately $20 million will be non-cash) will be booked in the fourth quarter of 2011. These costs were not included in previous earnings guidance provided by the company.

Macy's Store Closings
Macy's will close the following five stores in early spring 2012. Final clearance sales at these locations will begin on Sunday, Jan. 8, and run for approximately 10 weeks.

• West Ridge Mall, Topeka, KS (193,000 square feet; opened in 1988; 60 associates);
• Laurel Mall, Laurel, MD (123,000 square feet; opened in 1981; 76 associates);
• Parmatown, Parma, OH (288,000 square feet; opened in 1960; 94 associates);
• Hickory Hollow, Antioch, TN (181,000 square feet; opened in 1979; 77 associates);
• Mall of the Mainland, Texas City, TX (151,000 square feet; opened in 1994; 68 associates).

Macy's Store Openings
As previously announced, five new Macy's stores, as well as one replacement store, are currently planned and/or under construction. New Macy's stores will be located in:

• Victorville, CA (103,000 square feet; to open mid-2013; approximately 140 associates);
• Gurnee, IL (140,000 square feet; to open in spring 2013; approximately 200 associates);
• The Bronx, NY (160,000 square feet; to open in fall 2013 or spring 2014; approximately 225 associates);
• Salt Lake City, UT (150,000 square feet; opening in March 2012; approximately 116 associates);
• Greendale, WI (150,000 square feet; to open in March 2012; approximately 160 associates).
• A replacement store will be built in Bay Shore, NY (200,000 square feet; to open in fall 2013; approximately 180 current associates).

When all of these planned openings and closings are complete, Macy's will operate 804 stores in 45 states, the District of Columbia, Puerto Rico and Guam.


Must ReadView All

Apparel/Garments | On 21st Sep 2017

UK fashion exports £10.7 bn in 2016; highest till now

Exports of British fashion goods rose to £10.7 billion in 2016, the...

Apparel/Garments | On 21st Sep 2017

BFC announces partnership with Chinese firm JD.com

The British Fashion Council (BFC) has forged a new partnership...

Textiles | On 21st Sep 2017

Indonesia’s textile exports may reach $15 billion by 2019

Indonesia’s textile-related exports are projected to reach $15...

Interviews View All

Hannah Lane
Redress

Encouragement from brands will motivate supply chains to become more...

Nuno Venda
ROQ

‘There has been an increase in demand for water based inks, rather than...

Darshan Mehta
Infinium Polychem

We are spending double digit figures on R&D

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

September 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search