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Downtown L.A. Macy's Is 1 Of 11 Stores Closing

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Jan 8, 2009 1:36 pm US/Pacific

Downtown L.A. Macy's Is 1 Of 11 Stores Closing

 Timeline: U.S. Credit Crunch & Financial Failures

NEW YORK (AP) ― Macy's says it will close 11 underperforming stores in 9 states - affecting 960 employees - after one of the weakest holiday seasons in years.

Stores slated for closure include locations in Los Angeles, West Palm Beach, Nashville 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.

The news comes as Macy's says its December sales at stores open at least a year, or same-store sales, fell 4 percent. That's better than the 5.3 percent drop analysts surveyed by Thomson Reuters were expecting. However, Macy's is lowering its forecast for the fourth quarter and full year due to heavy markdowns.

(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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