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.


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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!
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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.



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