Macy's to Close 100 More Stores

LOS ANGELES (CNS) - Macy's announced today it will shutter another 100 of its stores across the country, continuing a trend of retail store closures in the face of growing online competition, but it's unclear how many Southland locations will be affected.

"We operate in a fast-changing world, and our company is moving forward decisively to build further on Macy's heritage as a preferred shopping destination for fashion, quality, value and convenience," said Macy's Chairman/CEO Terry J. Lundgren. "This involves doing things differently and making tough decisions as we position ourselves to serve customers who have high expectations of their favorite stores, online sites and apps."

The retail chain did not disclose which stores will be affected, saying final decisions have not yet been made. The store in North Hollywood, however, is expected to close later this year. The company said it plans to maintain "a significant bricks-and-mortar presence in 49 of the top 50 U.S. markets."

Retail chains including Walmart, Kohl's, Sears and Kmart have also announced sweeping store closures in recent months. Macy's announced earlier this year it was closing about 40 stores, including its Irvine Spectrum and Westfield Century City mall locations.

The company still plans on keeping locations in 49 of the top 50 U.S. markets. Macy's currently operates 728 stores, including 675 "full-line" locations.

Macy's will focus its resources on its highest-performing stores while pouring more into "online shopping and mobile apps," according to the press release. In stores that stay open, Macy's plans to add new vendors and increased staffing. The company is planning on "infusing new technology, accentuating high-potential businesses such as fine jewelry, and creating new in-store events and experiences," the release said.

"Customers nearly everywhere in America will have easy access to Macy’s stores, with the additional convenience and increased functionality of our dynamic digital offering,” Macy's President Jeff Gennette said in the press release.

Employees who work at stores that are closing will be offered positions at nearby stores "where possible," Macy's says, and eligible part- and full-time employees will receive severance benefits.

In September, Macy's announced that it would be closing 40 locations.

Similar fates have befallen other major retailers. Walmart is slated to close 154 U.S. stores this year and just announced a $3 billion deal to purchase Jet.com as it looks to improve its online retail presence.
Sports Authority is closing all of its nationwide stores as it wades through a Chapter 11 bankruptcy.

Target, Kmart, Sears, Kohl's and other major retailers have announced similar scale-backs.
Macy's was founded in 1858 when it opened four small department stores in Massachusetts. The company is now an iconic brand in retail nationwide and sponsors the annual Thanksgiving Day Parade through Midtown Manhattan.

City News Service and Patch Staffer Marc Torrence contributed to this report; Photo: Wikimedia Commons