Macy's will shutter 11 stores in 9 statesThat totally sucks. Lots of retail jobs will be lost. The story doesn't say which Nashville store will close ... losing the one at the Green Hills Mall would leave a huge, obvious hole in a supposedly upscale mall.
Macy's will close 11 underperforming stores in 9 states; Dec. same-store sales fall 4 percent
NEW YORK (AP) -- 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.
The good news:
Clearance sales at the stores begin next week.
Silver linings, peeps.