Macy's In Ardmore Closing As Company Announces Thousands Of Job Cuts
PHILADELPHIA (CBS/AP) — Macy's in Ardmore's Suburban Square is closing, the company announced today.
It's one of 36 stores that will close in early spring.
Four stores already closed last year.
The Cincinnati-based department store chain also announced it is cutting up to 4,800 jobs after disappointing holiday sales.
The company says sales fell 5.2 percent in November and December at existing stores.
Warm weather and lower spending by international tourists hurt sales.
Macy's said Wednesday that it now expects its profit for its fiscal fourth quarter and full year, which run through January, to fall short of its previous estimate.
It sees fourth-quarter earnings per share at $2.18 to $2.23, compared with the average analyst estimate of $2.56 per share.
The company's shares are up 4.7 percent in extended trading.
Macy's in Ardmore opened in 1930 and currently employees 74 associates.
Here's a list of the rest of the locations that will be closing according to the company's press release:
Final clearance sales at the following Macy's stores closing in early 2016 will begin on Monday, Jan. 11 and run for between eight to 12 weeks (with the exception of Westfield Century City, North DeKalb Mall and Roseburg Valley Mall, where final clearance sales are already in progress):
- Irvine Spectrum, Irvine, CA (140,000 square feet; opened in 2002; 112 associates);
- Country Club Plaza, Sacramento, CA (165,000 square feet; opened in 1961; 111 associates);
- Westfield Century City, Los Angeles, CA (136,000 square feet; opened in 1976; 108 associates). Note that this store will be closed in January 2016 and replaced with a new, larger store to open in this same shopping center in spring 2017;
- Enfield Square main store, Enfield, CT (166,000 square feet; opened in 1971; 84 associates);
- Enfield Square furniture/home/men's store, Enfield, CT (76,000 square feet; opened in 1971; 20 associates);
- North DeKalb Mall, Decatur, GA (190,000 square feet; opened in 1965; 89 associates);
- Kailua, HI (59,000 square feet; opened in 1946; 57 associates);
- Palouse Mall, Moscow, ID (41,000 square feet; opened in 1979; 47 associates);
- Northwoods Mall, Peoria, IL (165,000 square feet; opened in 1985; 62 associates);
- Cortana Mall, Baton Rouge, LA (243,000 square feet; opened in 1976; 108 associates);
- Valley Mall, Hagerstown, MD (120,000 square feet; opened in 1999; 59 associates);
- Berkshire Mall, Lanesborough, MA (111,000 square feet; opened in 1994; 58 associates);
- Eastfield Mall, Springfield, MA (127,000 square feet; opened in 1994; 71 associates);
- The Shoppes at Stadium, Columbia, MO (140,000 square feet; opened in 2003; 81 associates);
- Middlesex Mall, South Plainfield, NJ (81,000 square feet; opened in 1976; 69 associates);
- McKinley Mall main store, Buffalo, NY (88,000 square feet; opened in 1989; 65 associates);
- McKinley Mall home store, Buffalo, NY (31,000 Square feet; opened in 1989; 10 associates);
- Arnot Mall, Horsehead, NY (120,000 square feet; opened in 1995; 79 associates);
- Hudson Valley Mall, Kingston, NY (121,000 square feet; opened in 1995; 72 associates);
- Eastern Hills Mall, Williamsville, NY (127,000 square feet; opened in 1971; 80 associates);
- Cary Towne Center, Cary, NC (107,000 square feet; opened in 1991; 63 associates);
- Chapel Hill Mall, Akron, OH (169,000 square feet; opened in 1967; 91 associates);
- Midway Mall, Elyria, OH (105,000 square feet; opened in 1990; 64 associates);
- Quail Springs Mall, Oklahoma City, OK (146,000 square feet; opened in 1986; 87 associates);
- Pony Village Mall, North Bend, OR (41,000 square feet; opened in 1980; 54 associates);
- Roseburg Valley Mall, Roseburg, OR (40,000 square feet; opened in 1980; 59 associates);
- Suburban Square, Ardmore, PA (102,000 square feet; opened in 1930; 74 associates);
- Century III Mall, West Mifflin, PA (173,000 square feet; opened in 1979; 101 associates);
- Ridgmar Mall, Ft. Worth, TX (181,000 square feet; opened in 1998; 92 associates);
- Chesapeake Square, Chesapeake, VA (95,000 square feet; opened in 1999; 69 associates);
- Virginia Center Commons, Glen Allen, VA (110,000 square feet; opened in 1993; 81 associates);
- Peninsula Town Center, Hampton, VA (173,000 square feet; opened in 1977; 109 associates);
- Military Circle Mall, Norfolk, VA (153,000 square feet; opened in 1976; 95 associates);
- Regency Square main store, Richmond, VA (100,000 square feet; opened in 1990; 100 associates);
- Regency Square furniture/home/men's store, Richmond, VA (124,000 square feet; opened in 1990; 35 associates);
- Downtown Spokane, Spokane, WA (374,000 square feet; opened in 1947; 94 associates).
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