This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Macy’s, Inc. Outlines Normal-Course Adjustments To Stores Portfolio

Macy’s, Inc. (NYSE:M) today detailed a series of normal-course adjustments to its portfolio of Macy’s and Bloomingdale’s stores across the country.

“We remain committed to operating a successful and growing stores business as part of our company’s Omnichannel strategy for serving customers wherever, whenever and however they prefer to shop,” said Karen M. Hoguet, chief financial officer of Macy’s, Inc. “This leads us to open new stores where we see the opportunity to fill gaps in important markets, as well as to make the tough decision to selectively close underperforming stores that no longer meet our performance requirements or where leases are not being renewed.”

Once all of these changes have been implemented, Macy’s will operate 798 stores in 45 states, the District of Columbia, Puerto Rico and Guam. Bloomingdale’s will have a total of 37 full-line and home stores, as well as 13 Bloomingdale’s Outlet stores. Bloomingdale’s also operates in Dubai under a license agreement with Al Tayer Group LLC.

(Editor’s Note: Macy’s, Inc. this morning also issued a separate news release announcing December sales results.)

Store Closings

The company will close the following six stores in early spring 2013. Final clearance sales will begin on Monday, Jan. 7, at the five Macy’s locations (and on Sunday, Jan. 6, at Bloomingdale’s Fashion Show), and run for between seven and 11 weeks.

Bloomingdale’s:
  • Fashion Show Home Store, Las Vegas, NV (99,000 square feet; opened in 2002; 35 associates).

Macy’s:
  • Paseo Colorado, Pasadena, CA (158,000 square feet; opened in 1980; 116 associates);
  • Belmont, MA (75,000 square feet; opened in 1978; 101 associates);
  • Downtown Honolulu, HI (80,000 square feet; opened in 1850; 91 associates);
  • Downtown St. Paul, MN (362,000 square feet; opened in 1963; 153 associates);
  • Downtown Houston, TX (791,000 square feet; opened in 1947; 138 associates).

The company is committed to treating associates affected by store closings with respect and openness. 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.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs