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Macy's Closing 11 Stores, Including Palm Beach
Associated Press file photo
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Published: January 8, 2009
NEW YORK - Macy's says it will close 11 underperforming stores in 9 states — affecting 960 employees — after one of the weakest holiday seasons in years.
The only Florida store closing is at Palm Beach Mall in West Palm Beach. Other locations include Los Angeles, Nashville and St. Louis.
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 news comes as Macy's says its December sales at stores open at least a year, or same-store sales, fell 4 percent. That's better than the 5.3 percent drop analysts surveyed by Thomson Reuters were expecting. However, Macy's is lowering its forecast for the fourth quarter and full year due to heavy markdowns.
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