Macy’s Closing 35 to 40 Stores in Early 2016
Macy’s has announced plans to close 35 to 40 Macy’s stores in early 2016.
The locations of the 35 to 40 stores will be announced at a later date.
Terry J. Lundgren, Macy’s, Inc. chairman and chief executive officer said:
Many customers change their shopping habits and often the sales volume of a store gets divided among the new and nearby, existing centers. Each year, we prune some stores that are our weakest performers so that we can concentrate our resources on the best locations and maintain a strong physical presence. At the same time, we open a small number of new stores to fill gaps in our market coverage or where we have outstanding real estate opportunities. While making the decision to close stores is difficult, we know it is necessary for us to remain competitive as customer shopping patterns continue to change.”
Macy’s currently operates 770 Macy’s stores. Over the past five years, 52 Macy’s stores have been closed and 12 new Macy’s stores have been opened.
Macy's will communicate its store closing decisions directly with the associates in those locations prior to a public announcement. Associates displaced by store closings may be offered positions in nearby stores where possible. Eligible full-time and part-time associates who are laid off due to the store closing will be offered severance benefits.