The department store giant reports store closings as well as sales forecast cuts.
Wired PR News.com – Department store giant Macy’s Inc. has announced future closings of 11 stores in 9 different states. As reported by Reuters, Macy’s also made cuts to their profit and sales forecast for the quarter.
Terry Lundgren, the company’s Chief Executive, is quoted by Reuters as stating, “These closings are part of our normal-course process to prune underperforming locations each year in order to maintain a healthy portfolio of stores.” As noted in the report, four of the stores to be closed will be in Pennsylvania and Colorado. The costs of closing the stores are anticipated to be recorded at $65 million.
Shares in the department store chain ended at $11.26 on Thursday after reaching a low of $10.75.
Macy’s is also owner of Bloomingdale’s store chains.
Photo Credit: Daniel Schwen