Macy's Closing 11 Stores

The department store says the layoffs are thanks to one of the worst holiday shopping seasons ever, even though sales were better than expected.

By: WKRG Staff | WKRG-TV
Published: January 08, 2009

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NEW YORK (AP) - Macy's says it will close 11 underperforming
stores in 9 states - affecting 960 employees - after one of the
weakest holiday seasons in years.
Stores slated for closure include locations in Los Angeles, West
Palm Beach, Nashville and St. Louis, among others. Cincinnati-based
Macy's Inc. says the closures will cost about $65 million, most of
which will be booked in the 2008 fourth quarter.
The news comes as Macy's says its December sales at stores open
at least a year, or same-store sales, fell 4 percent. That's better
than the 5.3 percent drop analysts surveyed by Thomson Reuters were
expecting. However, Macy's is lowering its forecast for the fourth
quarter and full year due to heavy markdowns.