Macy's Closing 11 Stores In 9 States


NEW YORK – Department-store operator Macy's Inc. said Thursday it will close 11 underperforming stores in nine states — affecting 960 employees — and lowered its forecast for the fourth quarter after one of the weakest holiday seasons in years.

Stores slated to close include locations in Los Angeles, West Palm Beach, Fla., Nashville, Tenn., 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.

Clearance sales at the stores begin next week.

"These closings are part of our normal-course process to prune underperforming locations each year in order to maintain a healthy portfolio of stores," said Macy's Chief Executive Terry J. Lundgren in a statement.

Employees at the stores that are closing may be considered for open positions at other Macy's stores, the company said.

Department-store operators have been among the harder-hit in the retail sector as consumers cut back amid the recession, hunting for bargains and trading down to discounters.

Macy's reported Thursday that its December sales at stores open at least a year, or same-store sales, fell 4 percent — still not as bad as the 5.3 percent drop analysts surveyed by Thomson Reuters were expecting.

Total sales for the five-week period ended Jan. 3 fell 5 percent to $4.4 billion from $4.61 billion last year.

Same-store sales fell 7.5 percent during the combined November and December holiday period. Macy's said the holiday season ended with improving sales in the fourth and fifth weeks of December but that sales were sluggish before that.

The company said it marked items down sharply in the fourth quarter to gain sales and reduce its inventories, but that hurt its margins and led it to lower its profit forecast for the fourth quarter and full year.

Macy's now expects earnings of 90 cents to $1 per share in the fourth quarter, down from its previous guidance of $1.10 to $1.30 per share. Analysts expect earnings of $1.11 per share.

For the full year, the company now expects to earn $1.10 to $1.20 per share, down from its previous forecast of $1.30 to $1.50 per share. Analysts expect a profit of $1.35 per share.


Source:

Views: 20

Comment

You need to be a member of ThisIs50.com to add comments!

Join ThisIs50.com

Comment by Jay-Dee on January 9, 2009 at 4:12am
WWW.MYSPACE.COM/JAYDEELGR
Comment by Manny on January 9, 2009 at 3:55am
Macys clothes be on point though they sell polo lacoste and northface ....duuuuurr
Comment by Jay U. Beezy on January 8, 2009 at 11:08pm
Yo.. i go to Macy's for my cologne and s***. Good thing it ain't closin out here. HAAAAAHH. You b**** a** nigguhs.
Comment by DJ 808 (aka) Bobby Bounce on January 8, 2009 at 10:04pm
All gone!
Comment by KINGAMUN.Re THa iLL PROPHET on January 8, 2009 at 8:54pm
_215__________________215_______
_+215___A.B.LE______+215_______
_+215______________+215________
_+215_____________+215________
__+215___________+215_________
__+215_________++215__________
__++215_______++215___________
__++215_____+++215____________
__+++215__++++215+215_________
__+++++215++++215+++215________
___+++215++++++KINGAMUN.Re'____
___++215++GOD+CIPHER+DIVINE___
___+++AVAILABLE+4+DOWNLOAD___
____+215+POKERPHACEwreckardz___
____++AUDIO+BROADCASTING+___
_____++215++++LoungE++++++215___
______++215++SIR.ROWDY_REG___
_______+215+TRAKK.THaRIPPa'____
_______++215++BISHOP.TONI____
_______PPWRECKARDZ.COM____
Comment by exotic aida on January 8, 2009 at 7:51pm
crazy
Comment by SAM_ORA on January 8, 2009 at 7:50pm
WOW!
Comment by dee on January 8, 2009 at 6:07pm
Sooner or later its not gonna be no where to shop at.u gonna have to order everything off the internet.
Comment by swoop on January 8, 2009 at 5:25pm
thatpix is downtown sac lol reppin 916!!!!!!!
Comment by Chevy on January 8, 2009 at 1:56pm
@deebo
lol bush has nothing to do with macy's closing genius lol
i'm sre he didnt address the state of the union and request a Macy's bailout lol
Every store goes through routine closes to "maintain a good store portfolio" lol do soe research bruh.



Upcoming Releases

Members

 


Example Searches:
music, girls, Bentley

Latest Activity

Daphenous Reid commented on ChasinDatPaper's blog post Gucci Mane - East Atlanta Santa (Album Cover Art)
"Should of came out around Thanksgiving"
4 minutes ago
Phillys Music Man commented on Ralan Enterprises LLC's blog post Interview with DEZVIXEN S.M.I.L.E.
"My sister is a loyal ride n die lady with barz. I am glad to see she is getting this interview because she deserve it. You always support and have put her work in for sure!"
11 minutes ago
DJ MODESTY commented on Ralan Enterprises LLC's blog post Interview with DJ MODESTY with a S.M.I.L.E (France)
"Big thanks for this Interview. Much respect. S.M.I.L.E. !!!"
11 minutes ago
Ralan Enterprises LLC shared their blog post on Google +1
13 minutes ago
Ralan Enterprises LLC liked Ralan Enterprises LLC's blog post Interview with DEZVIXEN S.M.I.L.E.
13 minutes ago
PLAYBOYD commented on ChasinDatPaper's blog post Azealia Banks Says T.I.'s Wife Tiny Can't Read. Takes A Dump On Iggy Azalea & Her "Smudging" Of Hip Hop Culture. Iggy Loads Up & Fires Back (Video)
"I think they to clones and planned this beef from day one back when asap rocky was hitting it. They almost got the same dam name who the f*** does that s*** abd they hit the seen around the same time. Kanye war trying to help banks out before they…"
25 minutes ago
jiggaboo Jones commented on ChasinDatPaper's blog post Azealia Banks Says T.I.'s Wife Tiny Can't Read. Takes A Dump On Iggy Azalea & Her "Smudging" Of Hip Hop Culture. Iggy Loads Up & Fires Back (Video)
"I wish Iggy wasn't the one from Australia to make it big in the U.S. Bliss N Eso Have great flow and Lyracism, they should be there instead of her."
25 minutes ago
Them504boyz liked ChasinDatPaper's blog post Gucci Mane - East Atlanta Santa (Album Cover Art)
43 minutes ago

© 2014   Created by 50 Cent.

Badges  |  Report an Issue  |  Privacy Policy  |  Terms of Service

© 2012   Created by 50 Cent.   Powered by .

Badges  |  Help  |  Terms of Service | Privacy Policy