Moments ago, Macy's announced that it would be shuttering nine "underperforming stores," and Dallas is on the list -- more precisely, the Valley View Center location, which opened as Sanger-Harris in 1973 before turning into a Foley's. According to Macy's, the department store takes up 300,000 square feet and employs 132 workers, for whom this is already shaping up to be a lousy New Year. Notes the release, "Associates displaced by store closings will be offered positions in nearby stores where possible. Associates who are laid off in this process will be provided severance benefits and outplacement assistance."
Says Terry J. Lundgren, the chairman, president and chief executive officer of Macy’s, Inc., "While the decision to close stores is difficult, it is necessary that we do so selectively in locations with declining sales and where we have been unable to identify sufficient growth opportunities." Looks like it wasn't a very Merry Christmas for Macy's all the way around. --Robert Wilonsky
