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Macy's says it will close 35 to 40 stores in early 2016

1 year 1 month 2 weeks ago September 08, 2015 Sep 8, 2015 Tuesday, September 08 2015 September 08, 2015 3:59 PM in News
Source: Associated Press
By: APnewsNow

NEW YORK - Macy's says it will close 35 to 40 stores in early 2016, or as much as 5 percent of its namesake stores.

Macy's said Tuesday it hasn't selected all of the stores that will be closed yet. It expects the locations will have about $300 million in combined revenue. The company says employees who work at the closing stores may be offered positions at nearby locations, and workers who are laid off will be offered severance benefits.

The Cincinnati-based company says it closes a few underperforming stores every year. The company runs 770 Macy's stores and has closed 52 locations over the last five years while opening 12.

Macy's Inc. also runs Bloomingdale's and Bluemercury stores. It has a total of 885 locations.

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