As the mega retailer Macy's announced closures of 11 more stores across the country, there's no word on whether the proposed 75,000-square-foot enlargement of the Staten Island Mall's department store will actually happen.
Little by little, Macy's is beginning to close some of the roughly 30 stores it previously announced were on the chopping block.
New York City area gets ready for monster winter storm
Winds are still expected to hit up to 45 miles per hour , with the bulk of the storm tapering off by late afternoon/early evening. Thirteen states from SC to ME are under a winter storm warning as a massive bombogenesis begins wreaking havoc Thursday.
Macy's is closing its store in downtown Cincinnati. Encouragingly, business was up at its namesake and Bloomingdale's chains and their related discount business, as well as high end Bluemercury beauty shops, during the most important time of year for any department store. Another 19 stores will be closed as leases or operating covenants expires, or as sale transactions are completed. "We intend to close the fourth quarter in a good position and head into 2018 with momentum".
Black says the closure is understandable given the struggles the retail sector has faced with the increase of new technology. It also anticipates one-time charges of approximately $160 million, or approximately 33 cents per share, (of which approximately $115 million is expected to be cash) to be booked in the fourth quarter of 2017 for restructuring activities, asset impairment, store closings and other costs. Since 2015, Macy's Inc. has closed 124 stores.
"Looking ahead to 2018, we are focused on continuous improvement and will take the necessary steps to move faster, execute more effectively and allocate resources to invest in growth", Macy's CEO Jeff Gennette said in a statement, according to USA Today. So far, 11 stores have been identified for closure, and four of those stores' teams have been notified, the company told CNBC Wednesday afternoon. In most cases, clearance sales will begin on January 8 and run for up to 12 weeks.