Macy's Shares Rise; Retailer Plans to Close 15 Stores

Macy's, the Cincinnati retailer, plans to close 15 stores. The move affects most regions of the country, with three in Ohio and two in Pennsylvania.
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Shares of Macy’s (M) rose Tuesday after a report that the Cincinnati retailer is closing 15 stores throughout the country.

Business Insider first reported the closings, and a Macy’s spokesperson confirmed it to TheStreet.com. 

“We regularly review our store portfolio and will provide an update at our Investor Day on Feb. 5,” the representative said in an e-mail.

In August 2016, Macy's, which has been wounded by the trend toward online shopping, said it would close 100 stores. The representative declined to say whether the 15 stores were part of that 100.

The representative said that regular, non-seasonal employees who lose their job and can’t find one at a nearby Macy’s would be eligible for severance, including outplacement resources.

The 15 stores include the following locations:

· Macon Mall, Macon, Georgia;

· The Centre at Salisbury, Salisbury, Maryland;

· Nittany Mall, State College, Pennsylvania;

· Harrisburg Mall, Harrisburg, Pennsylvania;

· Rivergate Mall, Goodlettsville, Tennessee;

· Westfield Meriden, Meriden, Connecticut;

· University Mall, Carbondale, Illinois;

· Towne Square Mall, Owensboro, Kentucky;

· Northgate Mall, Cincinnati;

· Stow-Kent Plaza, Stow, Ohio;

· 54 E. Main St., Walla Walla, Washington;

· Ohio Valley Mall, St. Clairsville, Ohio;

· 300 Pine St., Seattle, Washington (Macy’s Seattle flagship);

· Lewiston Center Mall, Lewiston, Idaho;

· Cascade Mall, Burlington, Washington.

Macy’s reported a same-store sales decline of 3.9% for the third quarter on an owned-store basis and lowered its full-year estimates for same-store sales and earnings per share.

The company’s stock closed at $17.67, up 3.3%, on Tuesday. The shares have slumped 40% over the past year, while the S&P 500 index has gained 26%.