Macy’s Store Closings

NEW YORK – retailer operator Macy’s Inc. said Thursday it will close 11 underperforming supplies in nine states — distressing 960 staff — and lowered its estimate for the fourth neighborhood after one of the weakest holiday seasons in years.Stores slated to close contain locations in Los Angeles, West Palm seaside, Fla., Nashville, Tenn., and St. Louis, between others. Cincinnati-based Macy’s Inc. says the closures will rate about $65 million, mainly of which will be booked in the 2008 fourth sector.“These closings are division of our normal-course progression to reduce underperforming locations both year in regulate to keep a strong assortment of stores,” said Macy’s Chief management Terry J. Lundgren in a announcement.

The Cincinnati-based department store retailer said the closings will cost roughly $65 million, $12 million of which will be cash, and up to 960 jobs. Most of these expenses will be booked in the fourth quarter of 2008, the company said.Stores to shut are in Los Angeles; Colorado Springs and Westminster, Colo.; West Palm Beach, Fla.; Hawaii; Indianapolis; Brooklyn Center, Minn.; St. Louis; Natrona Heights and West Mifflin, Pa.; and Nashville, Tenn.“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,” CEO Terry Lundgren said in a release.

Macy’s (NYSE:M), which runs eight stores in Central Ohio, opened four new stores and one furniture gallery in 2008, and reopened a New Orleans store damaged by Hurricane Katrina. In 2009, it expects to open three new Macy’s stores and one replacement store. Following the store closings announced Thursday, Macy’s will operate 848 stores, including 808 Macy’s and 40 Bloomingdale’s.The retailer Thursday separately reported a sales decline of 4 percent at stores open at least a year in December and cut its fourth-quarter share earnings outlook.