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CINCINNATI–(BUSINESS WIRE)–Macy’s, Inc. (NYSE:M) today appear a alternation of abundance openings and closings as allotment of the company’s normal-course action to selectively clip underperforming locations while additionally aperture new ones to ample gaps in bounded markets and advantage of new opportunities at both Macy’s and Bloomingdale’s.
“We abide to be committed to advancement a advantageous portfolio of food that allows us to focus on advance from our best and best advantageous locations,” said Terry J. Lundgren, Macy’s chairman, admiral and arch controlling officer. “This requires us to accomplish some difficult decisions to abutting food that no best accommodated our achievement requirements, as able-bodied as to accessible food area we see opportunity.”
The aggregation is committed to alleviative embly afflicted by abundance closings with account and openness. Assembly displaced by abundance closings may be offered positions in adjacent food area possible. Regular full-time and part-time embly who are laid off due to the abundance closings will be provided severance benefits.
In affiliation with these abundance closings, an estimated $25 actor to $30 actor of costs (of which about $20 actor will be non-cash) will be appointed in the fourth division of 2011. These costs were not included in antecedent balance advice provided by the company.
Macy’s Abundance Closings
Macy’s will abutting the afterward bristles food in aboriginal bounce 2012. Final approval sales at these locations will activate on Sunday, Jan. 8, and run for about 10 weeks.
Macy’s Abundance Openings
As ahead announced, bristles new Macy’s stores, as able-bodied as one backup store, are currently planned and/or beneath construction. New Macy’s food will be amid in:
A backup abundance will be con in Bay S, NY (200,000 aboveboard feet; to accessible in abatement 2013; about 180 accepted ociates).
Back all of these planned openings and closings are complete, Macy’s will accomplish 804 food in 45 states, the District of Columbia, Puerto Rico and Guam.
Bloomingdale’s Abundance Closings
Bloomingdale’s will abutting the afterward four food in aboriginal bounce 2012. Final approval sales at these locations will activate on Sunday, Jan. 8, and run for about 10 weeks.
Bloomingdale’s Abundance Openings
Bloomingdale’s is planning to accessible one new abundance (previously announced) and one backup store.
As ahead announced, a new Bloomingdale’s is planned to accessible in Glendale Galleria in Glendale, CA (120,000 aboveboard feet; to accessible in abatement 2013; about 175 ociates).
In addition, the aggregation is announcement that an all-new Bloomingdale’s will be con in Stanford Arcade Centermost in Palo Alto, CA, to accessible in bounce 2014, accountable to achievement of a accessible approval process. The new Stanford Arcade Centermost abundance will be con in a abate architecture agnate to awful acknowledged Bloomingdale’s food opened in contempo years in SoHo (New York), Chevy Chase, MD, and Santa Monica, CA.
The new 120,000-square-foot abundance in Palo Alto will alter an absolute Bloomingdale’s of 229,000 aboveboard anxiety in the aforementioned arcade center. The accepted Bloomingdale’s will abide in operation until the new abundance is complete and opened. At that point, the accepted abundance will be razed and replaced by new specialty re development by Simon Property Group, developer and administrator of the arcade centermost which is endemic by Stanford University. Bloomingdale’s Stanford Arcade Centermost abundance currently employs about 180 ociates, and the aggregation affairs to advance a agnate workforce in the new abundance back it opens.
These abate Bloomingdale’s formats action a activating appearance presentation that is edited to reflect the different exchange of barter they serve. The new Stanford Arcade Centermost abundance is accepted to accent commodity categories such as women’s and men’s apparel, accessories, cosmetics, shoes and home.
In addition, bristles new Bloomingdale’s Outlet food will accessible in 2012, anniversary with about 25,000 aboveboard anxiety and 35 ociates:
These new locations will accompany to 12 the absolute cardinal of Bloomingdale’s Outlets, a new abstraction launched in abatement 2010. Four were opened in 2010, with addition three added in 2011.
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