The department store chain Macy’s announced Wednesday that it will be closing 40 of its 770 existing stores and cutting thousands of jobs to trim costs and reverse what it refers to as a “disappointing 2015 sales and earnings.”
Four of the stores have already been closed and the remaining 36 are set to shut down early in the year. Final clearance sales will begin on Monday, Jan. 11 and run for eight to 12 weeks (with the exception of North Dekalb Mall, Westfield Century City and Roseburg Valley, where final clearance sales have started) at the stores set to close. See if your store made the list below:
Irvine Spectrum, Irvine, Calif.
Country Club Plaza, Sacramento, Calif.
Westfield Century City, Los Angeles, Calif.
Enfield Square furniture/home/men’s store, Enfield Conn.
North Dekalb Mall, Decatur, Ga.
Palouse Mall, Moscow, Ind.
Northwoods Mall, Peoria, Ill.
Cortana Mall, Baton Rouge La.
Valley Mall, Hagerstown, Md.
Berkshire Mall, Lanesborough, Mass.
Eastfield Mall, Springfield, Mass.
The Shoppes at Stadium, Columbia, Mo.
Middlesex Mall, South Plainfield, N.J.
McKinley Mall main store, Buffalo, N.Y.
McKinley Mall home store, Buffalo, N.Y.
Arnot Mall, Horsehead, N.Y.
Hudson Valley Mall, Kingston, N.Y.
Eastern Hills Mall, Williamsville, N.Y.
Cary Towne Center, Cary, N.C.
Chapel Hill Mall, Akron, Ohio
Midway Mall, Elyria, Ohio
Quail Springs Mall, Oklahoma City, Okla.
Pony Village Mall, North Bend, Ore.
Roseburg Valley Mall, Roseburg, Ore.
Suburban Square, Ardmore, Pa.
Century III Mall, West Mifflin, Pa.
Ridgmar Mall, Ft. Worth, Texas
Chesapeake Square, Chesapeake, Va.
Virginia Center Commons, Glen Allen, Va.
Peninsula Town Center, Hampton Va.
Military Circle Mall, Norfolk, Va.
Regency Square main store, Richmond, Va.
Regency Square furniture/home/men’s store, Richmond, Va.
Downtown Spokane, Spokane, Wash.
Owings Mills Mall, Owings Mills, Md.
Essex Green Shopping Center, West Orange, N.J.
Downtown Pittsburgh, Pa.
Macy’s expects that closing these stores, along with cutting employees, will help to reduce its expenses by $400 million annually, beginning in 2016. The company will cut roughly 3,000 sales associate positions and additional call center and back-office jobs. But, some of those employees will be used elsewhere, according to NBC News.
The company will take $200 million in charges related to restructuring during the fourth quarter, and Macy’s predicts its fourth quarter earnings to be $2.18 to $2.23 per diluted share without those charges.
Macy’s said that its comparable sales decreased 4.7 percent in November and December combined on an owned plus licensed basis, according to NBC. And that same metric decreased 5.2 percent on an owned basis.
Shares fell up to 4 percent in extended trading before turning around and increasing by 2 percent. But the stock struggled in 2015 and has decreased more than 40 percent in the last year. As a result, Macy’s has been under big-time pressure from shareholders.