Home / Knowledge / News / Apparel/Garments / Macy's inc to close five underperforming stores
Macy's inc to close five underperforming stores
06
Jan '10
Macy's, Inc. announced the closing of five Macy's stores as part of the ongoing annual process to selectively prune underperforming locations while also opening 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," said Terry J. Lundgren, chairman, president and chief executive officer of Macy's, Inc.

Stores to be closed are located in:

• Downtown Boise, ID (118,000 square feet; 61 employees)
• Summit Place Mall, Waterford, MI (285,000 square feet; 70 employees)
• Northwest Plaza, St. Ann, MO (240,000 square feet; 71 employees)
• Downtown Missoula, MT (113,000 square feet; 55 employees)
• Burlington Center Mall, Burlington, NJ (185,000 square feet; 50 employees).

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. In the store closing process, we are committed to treating affected associates with respect and openness," Lundgren said.

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 a store closing will be provided severance benefits and outplacement assistance.

In 2009, the company opened five new Macy's stores (in Gilbert, AZ, Fresno and Visalia, CA, Lee's Summit, MO, and Fairview, TX), reopened two stores in Houston that had been closed from damage by Hurricane Ike in 2008, and opened a new replacement store in Nampa, ID. In 2010, Macy's, Inc. currently expects to open new Bloomingdale's stores in Santa Monica, CA, and Dubai (its first international location). Following the store closings announced today, Macy's, Inc. will operate 849 stores - 809 Macy's and 40 Bloomingdale's.

Macy's, Inc., with corporate offices in Cincinnati and New York, is one of the nation's premier retailers, with fiscal 2008 sales of $24.9 billion. The company operates about 850 department stores in 45 states, the District of Columbia, Guam and Puerto Rico under the names of Macy's and Bloomingdale's. The company also operates macys.com and bloomingdales.com. Prior to June 1, 2007, Macy's, Inc. was known as Federated Department Stores, Inc.

Macy's Inc

Must ReadView All

Textiles | On 22nd Feb 2017

Bangladesh exporters want duty-free access to US, Brazil

Garment and apparel exporters of Bangladesh are seeking duty-free...

Textiles | On 22nd Feb 2017

India to produce 341 lakh bales cotton in 2016-17: CAI

The Cotton Association of India (CAI) has maintained in its January...

Textiles | On 22nd Feb 2017

'India to be self-sufficient in silk production by 2020'

Indian could be self-sufficient in silk production by the year 2020...

Interviews View All

Poojaa Kumar Deepak
Zeven

Zeven's performance sports apparel is designed for the Indian body type,...

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Smarth Bansal
Colorjet India Limited

We would like to venture more companies into the Indian market

Giorgio Mantovani
Corman S.p.A

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

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Yash P. Kotak
Bombay Hemp Company

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

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

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
February 2017

February 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search