Clearance Sales In Macy’s Begin After Announcing Store Closures
Clearance sales in various Macy’s stores are now underway following the company’s recent announcement that some of its stores will be closing.Advertisement
Macy’s Inc. Chairman and Chief Executive Officer Terry J. Lundgren described the company’s sales and earnings performance back in 2015 as disappointing. Hence, they had decided improve some cost-efficiency measures that would reduce expenses by as much as $500 million. As a result, Macy’s said it will be closing as much as 40 stores, with 36 closing in early spring 2016.
Stores that will be closing soon include Macy’s stores in Irvine Spectrum (Irvine, CA), Country Club Plaza (Sacramento, CA), Westfield Century City (Los Angeles, CA), Enfield Square main store (Enfield, CT), Enfield Square furniture/home/men’s store (Enfield, CT), North DeKalb Mall (Decatur, GA), Kailua (HI), Palouse Mall (Moscow, ID), Northwoods Mall (Peoria, IL), Cortana Mall (Baton Rouge, LA), Valley Mall (Hagerstown, MD), Berkshire Mall (Lanesborough, MA), Eastfield Mall (Springfield, MA), The Shoppes at Stadium (Columbia, MO), Middlesex Mall (South Plainfield, NJ), McKinley Mall main store (Buffalo, NY), McKinley Mall home store(Buffalo, NY), Arnot Mall (Horsehead, NY), Century III Mall (West Mifflin, PA) and more.
To view the complete list of closing stores, visit here.
Clearance sales have started earlier in Westfield Century City, North DeKalb Mall and Roseburg Valley Mall. The sale will run from eight to 12 weeks.
As part of its efforts to become more cost-efficient, Macy’s also announced it is laying off as much as 3,000 associates working for Macy’s and Bloomingdale’s. Meanwhile, it is also looking to lay off 165 senior executives as well as 600 staff in back-office organizations and 750 employees in the credit and customer services facilities.
At the same time, the company also announced that it will be opening five new Macy’s and Bloomingdale’s stores in the next three years.