Macys to Close 11 Stores
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Another business bites the credit crunch bug and this time it is Macys. This popular department store announced the closing of 11 underperforming stores in nine states which means that over 900 employees stand losing their jobs. This came in the light of evaluating their holiday season’s sales, the weakest output in years.
This development is not surprising. Most businesses are assessing the performance of their stores and personnel and have to make some changes. Hard as it may, keeping a below par store up will only mean more expenses and unfortunately, heads have to roll as well.
Stores slated to close include locations in Los Angeles, West Palm Beach, Fla., Nashville, Tenn., 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.
(Source) Yahoo Finance
