January 8, 2009
NEW YORK (AP) -- Macy's says it will close 11 underperforming stores in 9 states -- affecting 960 employees -- after one of the weakest holiday seasons in years.
Stores slated for closure include locations in Los Angeles, West Palm Beach, Nashville and St. Louis, among others. Cincinnati-based Macy's Inc. says the closures will cost about $65 million, most of which will be booked in the 2008 fourth quarter.
Note: The store at Augusta Mall is NOT on the closing list.
The news comes as Macy's says its December sales at stores open at least a year, or same-store sales, fell 4 percent. That's better than the 5.3 percent drop analysts surveyed by Thomson Reuters were expecting. However, Macy's is lowering its forecast for the fourth quarter and full year due to heavy markdowns.
(Copyright 2009 by The Associated Press. All Rights Reserved.)