Not even the nation’s second-largest department store chain is immune to the impact of the recent economic downturn. Macy’s Inc. has reported that it will be closing five locations over the course of 2010.
The closings are part of a store cutback that continues from last year, when the company pruned even more stores, closing the doors on 11 different locations.
In a statement released last week by the company, it was announced that Macy’s stores will be closing in Boise, Idaho; Waterford, Michigan; St. Ann, Missouri; Missoula, Montana; and Burlington, NJ. A total of 307 Macy’s employees will be affected by the closures.
Despite the announcement, the downtown Cincinnati-based company is also determined to continue opening new stores. The company has made it a priority to cut down on expenses and controlling inventories amid slowing sales. The sales slump has been blamed on rising unemployment, among other causes.
Following the closings, the company will have 809 Macy’s and 40 Bloomingdale’s stores under its corporate umbrella.