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 23rd Jun 2017

Textile ministry organises training workshop on GST

The ministry of textiles had organised training workshop on GST which ...

Apparel/Garments | On 23rd Jun 2017

Uware Brands into licensing agreement with Polaroid

Uware Brands has entered into a licensing agreement with Polaroid for ...

Textiles | On 23rd Jun 2017

Ralph Lauren ex-president Tiger of Sweden's new CEO

Hans-Christian Meyer, former president of Ralph Lauren Corporation,...

Interviews View All

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Hannah Lane
Redress

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

Suresh Patel
Sidwin Fabric

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

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Pranav Mishra
Huemn

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

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

news category


Related Categories:
June 2017

June 2017

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

SUBSCRIBE


Browse Our Archives

GO


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