Macy’s, Inc. (NYSE:M) today announced the closing of nine underperforming Macy’s stores. They are located in:
- Washington Square, Indianapolis, IN (152,000 square feet; 90 employees; opened in 1974);
- Prien Lake Mall, Lake Charles, LA (116,000 square feet; 75 employees; opened in 2003);
- Rolling Acres Mall, Akron, OH (103,000 square feet; 84 employees; opened in 1978);
- Canton Centre, Canton, OH (120,000 square feet; 76 employees; opened in 1968);
- Randall Park Mall, North Randall, OH (184,000 square feet; 91 employees; opened in 1976);
- Crossroads Mall, Oklahoma City, OK (153,000 square feet; 84 employees; opened in 1986);
- Valley View Center, Dallas, TX (300,000 square feet; 132 employees; opened in 1973);
- Sharpstown Center, Houston, TX (308,000 square feet; 172 employees; opened in 1961);
- Family Center at Riverdale, Riverdale, UT (140,000 square feet; 95 employees; opened in 2003).
Final clearance sales at these stores will begin on varying schedules within the next several weeks.
“While the decision to close stores is difficult, it is necessary that we do so selectively in locations with declining sales and where we have been unable to identify sufficient growth opportunities,” said Terry J. Lundgren, chairman, president and chief executive officer of Macy’s, Inc. “At the same time, we continue to open new Macy’s store locations in communities where we believe we can operate successfully.”
The company opened 10 new stores and one furniture gallery in 2007. In 2008, Macy’s, Inc. expects to open five stores, with an additional six to eight new locations currently planned for 2009.
Associates displaced by store closings will be offered positions in nearby stores where possible. Associates who are laid off in this process will be provided severance benefits and outplacement assistance.
Macy's, Inc., with corporate offices in Cincinnati and New York, is one of the nation's premier retailers, with fiscal 2006 sales of $27 billion. The company operates more than 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, bloomingdales.com and Bloomingdale's By Mail. Prior to June 1, 2007, Macy's, Inc. was known as Federated Department Stores, Inc.
All statements in this press release that are not statements of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of Macy’s management and are subject to significant risks and uncertainties. Actual results could differ materially from those expressed in or implied by the forward-looking statements contained in this release because of a variety of factors, including conditions to, or changes in the timing of, proposed transactions, prevailing interest rates, competitive pressures from specialty stores, general merchandise stores, manufacturers' outlets, off-price and discount stores, new and established forms of home shopping (including the Internet, mail-order catalogs and television) and general consumer spending levels, including the impact of the availability and level of consumer debt, the effect of weather and other factors identified in documents filed by the company with the Securities and Exchange Commission.
(NOTE: Additional information on Macy’s, Inc., including past news releases, is available at www.macysinc.com/pressroom)
Media - Jim Sluzewski, 513-579-7764
Investor - Susan Robinson, 513-579-7780