Macy’s to close at Esplanade mall in Kenner
KENNER, La. (WGNO) – Macy’s in the Esplanade Mall will close by the end of this year.
Macy’s announced in August that it would close 100 under-performing stores, but the company didn’t reveal at the time which stores would close.
The company released the list of stores today.
Nearly all of the stores Macy’s is pulling the plug on have suffered a steady decline in sales and profitability. The retailer hopes to offset the loss in profit by cutting costs beyond just closing stores.
“Our plan to close approximately 100 stores over the next few years is an important part of our strategy to help us right-size our physical footprint as we expand our digital reach. We are closing locations that are unproductive or are no longer robust shopping destinations due to changes in the local retail shopping landscape, as well as monetizing locations with highly valued real estate,” said Terry J. Lundgren, chairman and chief executive officer of Macy’s, Inc. “These are never easy decisions, and we are committed to treating associates affected by these closings with respect and transparency.”
The store closures will mean about $575 million less in sales for the Cincinnati, Ohio-based retail company. Macy’s also has corporate offices in New York.
The 100 store closures represent about 15 percent of the total number of department stores in the company.
Macy’s said in August that employees at stores slated for closure may be offered positions in nearby stores “where possible,” Macy’s said. Those laid off will be offered severance benefits, the company said in August.