Macy's Inc. announced this morning that it has lowered its sales forecast for the fourth quarter following the worst holiday season it has seen in years. The company will also shut down 11 under-performing stores across nine states, including locations in Los Angeles, St. Louis, Nashville, and Palm Beach. The closures are expected to cost about $65 million. 960 employees will be affected, though laid-off employees can be considered for open positions at other Macy's locations. Many items have been marked down to increase sales and reduce inventories, and clearance sales will begin at the locations slated for closure next week.
See "Macy's will shutter 11 stores in 9 states", Los Angeles Times, January 7, 2009