Macy’s to close some store locations

NEW YORK (AP) — Macy’s says it will close 35 to 40 stores in early 2016, or as much as 5 percent of its namesake stores.

Macy’s said Tuesday it hasn’t selected all of the stores that will be closed yet. It expects the locations will have about $300 million in combined revenue. The company says employees who work at the closing stores may be offered positions at nearby locations, and workers who are laid off will be offered severance benefits.

The Cincinnati-based company says it closes a few underperforming stores every year. The company runs 770 Macy’s stores and has closed 52 locations over the last five years while opening 12.

Macy’s Inc. also runs Bloomingdale’s and Bluemercury stores. It has a total of 885 locations.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s