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.

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