In 2015, Macy's Inc. has already planned to restructure its business. This first quarter is the second stage to carry out this business move. Some facts and figures have been revealed as the company is going out of business.
National Real Estate Investor Online reports that Macy's Inc. has already released the list of the stores that would be closed out this year. Report says there will be 36 stores that would be closed some time in spring.
The list is found consistent with what the company has announced last year in September. Based on the figures on the list, there are 20 states that have closings. But of the stores that closed are in Virginia, which has 6 store closings.
As for the real estate properties of Macy's Inc. that are affected, the list states 37 properties. Three of these properties not only have its main stores but also secondary home or furniture stores.
According to the report, the total size of closed stores is 6,235,000 sq. ft. But the average store size has 155,875 sq. ft. The largest store that closed is in downtown Pittsburgh store, the floor area is around 1,158,000 sq. ft. Then the smallest store that closed down is "the McKinley Mall home store in Blasdell N.Y. contains 31,000 sq. ft."
It is also noted that the oldest Macy's store that has been closed is located at the Suburban Square mall in Ardmore, Pa. It was opened in 1930. The newest store in the list that has been closed is in The Shoppes at Stadium location in Columbia, Mo. It operated for at least 13 years, since it opened in 2003.
Head count of the number of associates that are affected reached 3,111. As for property owners that were affected, report reveals that there are many single-property owners that were affected. But there are also multiple owners that were named like "CBL & Associates which had four properties affected by the closings. Other owners with multiple properties affected include General Growth Properties (two), Madison Marquette (two) and Simon Property Group (three)."
USA Today on the other hand reports that Macy's Inc reveals that the company will terminate "more than 4,500 positions as part of a restructuring plan to turn around the department store's slumping sales."
This business move is implemented to sustain its efficiency and productivity. Thus, "Macy's plans to make several cuts across its stores, offices and a call center, including eliminating an average of three to four positions at each of approximately 770 Macy's and Bloomingdale's stores" are but vitally necessary.
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