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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.


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