Cincinnati-based retailer Macy's, Inc. (NYSE: M) announced Jan. 8 that it is closing 14 more stores and laying off an average of two to three employees to refocus its staffing in its 830 remaining retail locations.
The 14 stores, expected to close by early spring, account for $130 million in annual sales. The company expects some of that to be retained by nearby stores and online sales.
In 2014, Macy’s closed these stores in reorganization and laid off about 2,500 employees as part of the retailer’s plan to cut about $100 million in costs:
- > Fiesta Mall, Mesa, Ariz. (159,000 square feet; opened in 1979; 98 associates);
- > Metcalf South Shopping Center, Overland Park, Kan. (216,000 square feet; opened in 1967; 88 associates);
- > Jamestown Mall, Florissant, Mo. (200,000 square feet; opened in 1994; 88 associates);
- > Medley Centre, Irondequoit, N.Y. (129,000 square feet; opened in 1990; 96 associates);
- > Fashion Place Mall, Murray, Utah (26,000 square feet; opened in 1988; 42 associates, and will close on Jan. 12.)
While announcing closures of these 14 stores, Macy's also announced two new stores: a Bloomingdale's in San Jose, Calif., and a Macy's in Los Angeles, which will replace an existing one in Westfield Century City.
Once the stores close and new ones open, Macy's will operate about 830 Macy's and Bloomingdale's stores in 45 states, the District of Columbia, Puerto Rico and Guam.
The store closings and reorganizations are expected to generate $140 million in annual savings beginning in 2015. That money is to be reinvested into technology.
The 14 stores that will be closing by spring 2015 are:
- > Metro Center, Phoenix
- > Cupertino Square Mall, Cupertino, Calif.
- > Promenade (main store), Woodland Hills, Calif.
- > Promenade (furniture gallery), Woodland Hills, Calif.
- > Gulf View Square, Port Richey, Fla.
- > Northland Center, Southfield, Mich.
- > Wendover, Greensboro, N.C.
- > Ledgewood Mall, Ledgewood, N.J.
- > ShoppingTown Mall, DeWitt, N.Y.
- > Rotterdam Square, Schenectady, N.Y.
- > Kingsdale Shopping Center, Columbus, Ohio
- > Richmond Town Square, Richmond Heights, Ohio
- > Upper Valley Mall, Springfield, Ohio
- > Southland Mall, Memphis
JC PENNEY TO CLOSE ABOUT 40 STORES
Struggling department store J.C. Penney on Thursday said it will close about 40 underperforming stores this year and slash approximately 2,250 jobs.
The announcement Thursday comes two days after J.C. Penney reported a rise in sales during the critical holiday shopping season, an encouraging sign as the company tries to recover from a botched plan to reinvent itself under former CEO Ron Johnson. It has tapped a new CEO, former Home Depot executive Marvin Ellison, who will replace current CEO Mike Ullman in August. Ullman was rehired as CEO in April 2013 after retiring from the top job in 2011.
J.C. Penney said all employees at stores being closed will be offered career training classes, including help writing resumes and filling out applications. The company said that some employees are eligible to receive separation benefits. Last January, the company announced plans to close about 33 stores and cut approximately 2,000 jobs.
Here's the list of JC Penney stores closing