Macy’s plans to close about 100 stores

Author: Associated Press
Franchise Real Estate and Construction Experts / MGN

NEW YORK (AP) – Macy’s says it plans to close about 100 stores next year as the department store operator aims to become more nimble in a competitive market. That represents close to 14 percent of its store base.

Macy’s did not disclose which stores it will shutter but said most of them will close in early 2017, according to CNN. The company said employees at the affected stores may be offered positions in nearby stores “where possible” and that those laid off will be offered severance benefits.

The retail chain has three locations in Southwest Florida — at Edison Mall in Fort Myers, Coastland Center in Naples and Port Charlotte Town Center.

The closures come as Macy’s reported Thursday that second-quarter profits and sales fell. The results, however, beat Wall Street estimates as efforts to bring back customers are taking hold.

The nation’s largest department store chain says that it earned $11 million, or 3 cents per share, in the quarter ended July 30. That compares with $217 million, or 64 cents per share, in the year-ago period.

Excluding charges that are related to store closings, the company earned 51 cents, which is above the 48 cent estimate from FactSet.

Revenue fell 3.9 percent to $5.87 billion. That topped the $5.77 billion estimate from FactSet.

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