Macy's announces closure of Alton Square store, several other locations nationwide

CINCINNATI, Ohio - Macy's, Inc., today announced the closure of the Alton Square Mall Macy's and a number of other stores nationwide before year end.

This move is part of a series of actions to streamline its store portfolio, intensify cost efficiency efforts and execute its real estate strategy, a corporate news release said.

The Macy's store in Alton is 180,000 square feet and opened in 1978. The Alton store has 54 associates, the corporate website says.

The release said that 68 of 730 current Macy’s stores will be closing. Of the 68, three closed mid-year, 63 will be closed in early spring 2017 and two will be closed in mid-2017. Three other locations were sold, or are to be sold, and are being leased back. Macy's, Inc. intends to opportunistically close approximately 30 additional stores over the next few years as leases or operating covenants expire or sale transactions are completed, the company said in the release.

“As we’ve noted, it is essential that we maintain a healthy portfolio of the right stores in the right places," Terry J. Lundgren, chairman and chief executive officer of Macy’s, Inc., said. "Our plan to close approximately 100 stores over the next few years is an important part of our strategy to help us right-size our physical footprint as we expand our digital reach.

"We are closing locations that are unproductive or are no longer robust shopping destinations due to changes in the local retail shopping landscape, as well as monetizing locations with highly valued real estate,” Lundgren said. “These are never easy decisions, and we are committed to treating associates affected by these closings with respect and transparency.”

"These actions bolster the company's strategy to further invest in omnichannel capabilities, improve customer experience and create shareholder value," the release said.

Macy's said associates displaced by store closings may be offered positions in nearby stores where possible. Eligible full-time and part-time associates who are affected by the store closings will be offered severance benefits. The company estimates that 3,900 associates will be displaced as a result of these closures.

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