Macy's to close 5 underperforming stores; Bloomingdale’s to enter Dubai
New York City Macy's announced on Tuesday that it is gearing up to close five stores, mostly in the Midwest, to eliminate some of its underperforming locations.
The move will affect about 307 employees. The company plans to offer jobs at nearby stores to displaced employees when possible.
Macy’s said the closings are part of the normal course of business.
“The decision to close stores is difficult and often occurs when the market changes, new competing shopping centers are opened near existing older ones, or when customers change shopping habits," said Terry Lundgren, chairman, president and CEO, in the release. "We are committed to maintaining a healthy portfolio of stores, which requires us to make the difficult decision to close some stores that no longer meet our performance requirements, as well as to open new stores where we see opportunities.
The five stores Macy's are closing are in Boise, Idaho; Waterford, Michigan; St. Ann, Mo.; Missoula, Mt..; and Burlington, N.J.
Final clearance sales at these stores will begin on Jan. 10 and will run for approximately 60 days.
In other news, the company said it plans to open two Bloomingdale's stores in 2010, one in Santa Monica, Calif., and the other in Dubai.
The Dubai store, which will be located at The Dubai Mall, is scheduled to open in February.