Today, Macy's (M) announced they are closing nine underperforming stores, citing declining sales with no identifiable growth opportunities.
The store are located at: Washington Square, Indianapolis, IN; Prien Lake Mall, Lake Charles, LA; Rolling Acres Mall, Akron, OH; Canton Centre, Canton, OH; Randall Park Mall, North Randall, OH; Crossroads Mall, Oklahoma City, OK; Valley View Center, Dallas, TX; Sharpstown Center, Houston, TX; Family Center at Riverdale, Riverdale, UT.
This is just lousy. They could not wait a week? It is especially repugnant when just a few weeks ago Chief Executive Terry Lundgren said, "We always go through the normal process of pruning our real estate portfolio, but there are no plans for a wide-scale closure of stores."
On another note, retail is must suffering currently. This will make the results Wal-Mart (WMT) turns in Jan. 10th even more impressive.
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