Published: Sun, January 07, 2018
World News | By Laverne Osborne

Macy's is about to close more stores

Macy's is about to close more stores

This, 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.

Management updated analysts and investors this past November, saying Macy's would continue to explore opportunities with Brookfield Asset Management on about 50 properties, including the department store chain's flagship Herald Square location in NY.

A company spokeswoman said in an e-mail to WVXU, "this closing does not impact Macy's commitment to Cincinnati". Macy's stock recovered some of that loss by mid-day, when it traded at $24.50.

"The decision by Macy's to close its downtown retail location is understandable given that the retail sector continues to be greatly disrupted by new technologies and is rapidly evolving from the standard brick and mortar stores to become more flexible and mobile", Black wrote in a memo to mayor and council members. "A healthy store base combined with robust digital capabilities is Macy's recipe for success", said Macy's CEO Jeff Gennette.

Macy's said fine jewelry, apparel, shoes and coats were among its top performing categories while beauty products "showed a marked improvement ... with particular strength in fragrance, prestige skincare and cosmetic gifting".

Macy's sales in November and December rose 1 percent, which puts the chain on track to post its first quarter of sales growth in three years, according to Fortune.

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The profit outlook improved for Macy's over the holidays, but it was thanks to Congress, not Christmas.

Macy's has announced the closing of 11 of its stores.

With these closures, the company will have completed 81 of the approximately 100 planned store closures announced in August 2016.

Macy's also expects a one percent decline in its effective tax rate in 2017, prompting it to increase its full-year earnings guidance by 5 cents to between $3.59 and $3.69 per share.

As the mega retailer Macy's announced closures of 11 more stores across the country, there's no word on whether the proposed 75,000-square-foot enlargement of the Staten Island Mall's department store will actually happen. They include locations in Florida, California, Indiana, Michigan, Ohio and Vermont.

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