In a news release Thursday that disclosed comparable sales growth of 1 percent in the November-December timeframe, Macy's said it will close 11 stores in early 2018, part of its previous announcement in August 2016 that it would close about 100 stores nationwide.
About this same time a year ago, Macy's posted disappointing holiday sales and simultaneously released the locations of more than 60 stores it planned to close in 2017.
Even with the holiday sales growth, Macy's stock closed at $24.49 on Thursday, down 84 cents - or about 3.3 percent - from Wednesday's closing price.
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Ginsburg said DCI will work with the building's owners and the city to identify new uses for the prime piece of real estate next to Fountain Square.
The company added seven more stores to the list of doors it will shutter.
Management updated analysts and investors this past November, saying Macy's would continue to explore opportunities with Brookfield Asset Management on about 50 properties, including the department store chain's flagship Herald Square location in NY. "After careful consideration, Macy's has made a decision to close Macy's Oaks store in Gainesville, FL". By 2005, Federated had brought all its Burdines outposts under the Macy's brand.
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We asked our viewers what they thought about the store closing and here is what some had to say.
Macy's announced their Oaks Mall location will be one of the 100 planned closures across the country. Macy's spokeswoman Blair Rosenberg said those changes would mean a net loss of some 5000 jobs. As of September 30, Lehigh Valley Mall had sales per square foot of $568, up from $562 a year earlier, according to a public filing from Pennsylvania Real Estate Investment Trust, which owns the 1.18-million-square-foot mall with Simon Property Group.
The chain is also moving ahead with four previously announced store closings in California and Idaho, USA Today said. The remaining 19 stores will close as their leases expire or sales are finished.
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Macy's shares were last down 4.4 percent at $24.21.