Stores slated for closure include locations in Los Angeles, West Palm Beach, Nashville and St. Louis, among others. Cincinnati-based Macy's Inc. says the closures will cost about $65 million, most of which will be booked in the 2008 fourth quarter.
The news comes as Macy's says its December sales at stores open at least a year, or same-store sales, fell 4 percent. That's better than the 5.3 percent drop analysts surveyed by Thomson Reuters were expecting. However, Macy's is lowering its forecast for the fourth quarter and full year due to heavy markdowns.