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Macy's to close 11 stores nationwide
Macy's Inc. said it will close 11 stores, the closest in Indianapolis, as it trims underperforming operations.
The Cincinnati-based department store chain said the closings will cost roughly $65 million, $12 million of which will be cash. Most of these expenses will be booked in the fourth quarter of 2008.
Macy's also posted its December same-store sales Thursday morning, with a decline of 4 percent in December, and 4.6 percent year-to-date. Holiday sales for the entire retail sector are expected to be the worst in decades.
The targeted stores are in Los Angeles; Colorado Springs, Colo.; Westminster, Colo.; West Palm Beach, Fla.; Hawaii; Lafayette Square, Indianapolis; Brooklyn Center, Minn.; St. Louis, Mo.; Natrona Heights, Pa.; West Mifflin, Pa.; and Nashville, Tenn.
Combined, the stores employ 960 people.