• Font Size    

Benefit Hockey Game Honors Fallen Hero
E-mail

Close Window E-mail This Page

Macy's Plans 11 Store Closures, 2 Locally

Required fields are marked with an asterisk(*)

The information you provide will be used only to send the requested e-mail and will not be used to send any other e-mail communications. Read more in our Privacy Policy

Send E-mail

   Print     Share +   
Jan 8, 2009 1:34 pm US/Eastern

Macy's Plans 11 Store Closures, 2 Locally

NEW YORK (AP) ― Macy's says it plans to close 11 underperforming stores in nine states including locally in Pennsylvania after one of the weakest holiday seasons in years.

Stores slated for closure include locations in Los Angeles, West Palm Beach, Nashville and St. Louis, among others.

The Pennsylvania stores are in Natrona Heights as well as a furniture store at Century III Mall.

Cincinnati-based Macy's Inc. says the closures will affect 960 employees and will cost about $65 million, most of which will be booked in the 2008 fourth quarter.

Macy's says its December sales at stores open at least a year, or same-store sales, fell four percent. That's better than the 5.3 percent drop analysts surveyed by Thomson Reuters were expecting.

Macy's is lowering its forecast for the fourth quarter and full year due to heavy markdowns. 


(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

Featured Slideshows On KDKA.com

You need the latest Flash player to view video content.
Click here to download.

Click here to bypass this detection if you already have the latest Flash Player.

Consumer

Top News Stories

© MMIX, CBS Broadcasting Inc. All Rights Reserved.