Macy's to Shut Nine Stores

SAN FRANCISCO -- Department store chain Macy's(M Quote) says it will shutter nine of its underperforming stores, leaving about 900 employees potentially out of work.

"While the decision to close stores is difficult, it is necessary that we do so selectively in locations with declining sales and where we have been unable to identify sufficient growth opportunities," said Macy's Chief Executive Terry Lundgren, in a statement.

Displaced workers from the store closings will be offered positions at other nearby locations whenever possible, Macy's said. Those who are laid off will receive severance benefits and outplacement assistance. ...