Macy’s will close nearly a dozen stores early this year, as part of a previously announced plan to trim the retailer’s massive store fleet and cut back on expenses.
About this same time last year, Macy’s released more than 60 locations that would close in 2017, saying 100 total closures would take place over time. Eleven stores were officially added to that list Thursday. (See a full list of locations below.)
Macy’s flagship store in New York.
The department store chain said it’s nearing the completion of 81 of the 100 planned closures, with the 19 remaining locations having yet to be announced. Since 2015, Macy’s has closed more than 120 stores.
The closures, along with other efforts, should help Macy’s save as much as $300 million in expenses annually, starting in fiscal 2018, which will be reinvested back into the business, the company said. The closures will also result in about 5,000 job cuts.
“While closing a store is always a difficult decision because of the impact on our customers, our associates and the community, Macy’s is delighted to have served these communities over the years,” a spokeswoman said in a statement.
The Cincinnati-based retailer has said it wants to focus on its best real estate while investing more in its web operations, in a push to win more shoppers online. In recent months, foot traffic has also been steadily declining at many of America’s less-profitable malls.
Macy’s shares have fallen more than 25 percent over the past 12 months, and the stock was down more than 3 percent Thursday on this news.
The following Macy’s stores are closing in early 2018. In most cases, clearance sales will begin on Jan. 8 and run for up to 12 weeks.
Laguna Hills Mall, Laguna Hills, CA
Westside Pavilion, Los Angeles, CA
Novato (Furniture), Novato, CA
Stonestown Galleria, San Francisco, CA
The Oaks, Gainesville, FL
Miami (Downtown), Miami, FL
Magic Valley Mall, Twin Falls, ID
Honey Creek Mall, Terre Haute, IN
Birchwood Mall, Fort Gratiot Township, MI
Fountain Place, Cincinnati, OH
Burlington Town Center, Burlington, VT
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