Macy’s will close 35 to 40 underperforming stores, around 5% of its total locations, the department store chain announced Tuesday.
The stores, slated to be shuttered in early 2016, will be identified at a later date, said the company with corporate offices in Cincinnati and New York.
Annual sales volume at the stores, “net of sales expected to be retained in nearby stores and online, ” as the company puts it in a statement, is expected to be about $300 million. That would represent about 1 percent of total Macy’s sales, the company said.
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at office@jewishbusinessnews.com.
Thank you.
Read the full story at USA TODAY, by Ed Brackett and Alexander Coolidge