Posted on 01/05/2012 8:41:39 PM PST by Lmo56
CINCINNATI (AP) — Macy's Inc. says it will close five Macy's and four Bloomingdale's stores that are underperforming.
Clearance sales will begin at the stores Sunday and run for 10 weeks.
More than 830 workers will be affected by the closings — 375 at Macy's stores and 463 at Bloomingdale's. But many may have the option of taking jobs at new stores the company plans to open.
The closing Macy's stores are in Topeka, Kan.; Laurel, Md.; Parma, Ohio; Antioch, Tenn.; and Texas City, Texas. The Bloomingdale's closures are in Atlanta; Oak Brook, Ill.; North Bethesda, Md.; and in the Mall of America in Bloomington, Minn.
(Excerpt) Read more at news.yahoo.com ...
That’s not good at all. The ‘burbs I’m familiar with tend to be affluent and have been less affected by the failing economy. So, if they are under-performing, God knows how the rest of the country is doing. Can’t wait to see how the Administration spins this, showing how well everyone did over the Christmas season.
The “new normal”; Wal-Mart will now be our country’s “company store”, where you can spend your company scrip and settle up most of what you owe on payday before adding to your tab.
However off-center many of their points (and sponsors) may be, the Occupy Wall Street crew at least focuses the spotlight on the death of our way of life.
These are stores that have reduced the quality of their product lines in recent years but have kept high prices because of their names. This business model can’t survive today.
Wow.. Bloomies at MOA... that’s gonna be some space to fill.
Hope and change.
That is what I was thinking.
The MOA is huge. Bloomingdales space it a large anchor corner. Very high rent. I bet it remains empty a while.
Filenes closing here in the Cleveland burbs. e
Filenes closing here in the Cleveland burbs.
A total of nine stores, and this rates being posted on FR. Nine stores is NOTHING. They probably closed that many when the economy was great.
The spinners preaching Obamanomics will somehow claim this as another sign of recovery.
I don’t know about that...I was in Macy’s for Christmas shopping and couldn’t believe the discounted prices. I was wondering how they made a profit. And I was looking at Ralph Lauren and Joan Vass - two good names in fashion.
Maybe they have some lower quality lines - like Style & Co. but those are dirt cheap - and the quality doesn’t seem that bad to me.
Tough times!
"Bloomingdale's Outlets stores will arrive in Dallas and Grand Prairie this spring, as other Bloomingdale stores close across the country."
That's not surprising since Texas is a Right to Work state with low taxes and a strong pro-business climate.
Filenes Basement is owned by Syms - both closed all stores as of 1/1/12.
Macy's closing 9 stores [includes Bloomies], Sears/Kmart closing over 100, Boeing to shut down Wichita plant, Penn Camera in DC area closing over half its stores, Eastman Kodak preparing Chapter 11.
Drip ... Drip ... Drip ...
I’m not talking about the holiday sales times where they raise the retail prices and then do a “big” discount. I am talking about the normal non-sales times of the year.
The S-Trib says, “The Mall of America said Wednesday it is negotiating leases with at least five retailers to replace the iconic Bloomingdale’s store, which is closing after 20 years at the location. The mall also said it will spend $30 million to $50 million on renovations and convert a sub-level storage area into retail and restaurant.”
Will be interesting to see how it pans out...
*ding* Bottom floor, Hope and Change.
That should be printed on the pink slips of the employees.
There isn’t a KMart anywhere near Dallas. Opened a brand new state of the art KMart in Allen,TX back in the late 90’s. Self check out, etc. It lasted about 2 years.
We have two here in NE Ohio. One in a dilapidating community. Wonder how it will fare? btw, they are WAY overpriced on groceries.
CINCINNATI (AP) - Macy's (M) is raising its earnings outlook for the fourth quarter and full year due to a strong holiday season and says it will double its quarterly dividend to 20 cents a share. The retailer is also increasing its share repurchase program by $1 billion.
Must be all the ATMs outside the stores.
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