11 Macy Stores Closing Down
Macy closing down
In December Macy’s sales dropped 4 percent.
Last week Macy’s Inc stated that due to the drop in sales they will have to shut down 11 of there department store throughout the country.
Macy's decreasing sales
Terry Lundgren who is the CEO of Macy’s said that “the affects of the 11 stores closing down is not due to Macy’s struggles, but more has to due with a pruning process that is considered to be normal.” The closing of these 11 stores will affect at least 900 employees in nine different states.
Macy's closing shop
Lundgren also stated that the recent recession has been the most intense economic environment that he has ever seen, but on the good note Macy’s has not been hit as hard as they expected and look to introduce new stores in the long term.
Macy’s have increased strong sales near the end of December. Lundgren believes that sales where slow in the beginning of December due to the heavy snow storms that hit the east coast. Although sales increased at the end of December sales dropped 6 percent in October and 13 percent in November.
Other Stores have taken a much harder hit then Macy’s during the recession. For example Saks Inc. fell 19 percent, while Nordstrom, J.C. Penney, Sears all have reported decreases in sales between 5 to 10 percent.
Below are the 11 Macy stores that will be shutting down:
1) Ernst & Young Plaza (Citicorp Plaza, Los Angeles)
2) The Citadel (Colorado Springs)
3) Westminster Mall (Westminster, CO)
4) Palm Beach Mall (West Palm Beach, FL)
5) Mauna Lani Bay Hotel (Island of Hawaii)
6) Lafayette Square (Indianapolis)
7) Brookdale Center (Brooklyn Center, MN)
Crestwood Mall (St. Louis)
9) Natrona Heights Plaza (Natrona Heights, PA)
10) Century III Furniture and Clearance (West Mifflin, PA)
11) Bellevue Center (Nashville)