Reuters writes Macy’s to close 10 stores:
Macy’s Inc is expected to announce as soon as Thursday it will close 10 locations, the Wall Street Journal reported citing a person familiar with the matter.
The department store operator, which runs more than 810 Macy’s stores and also operates the Bloomingdale’s chain, had reported a $30 million loss in the first nine months of 2008, with sales dropping 4.3 percent.
U.S. retailers faced what could be the worst holiday shopping season in nearly four decades as a year-long recession, tighter credit and mounting job losses squeeze household budgets.
“We have said that we will continue to prune stores on an as-needed basis over time,” Macy’s spokesman Jim Sluzewski told the paper, declining to comment further.
Macy’s could not be immediately reached by Reuters for comment.
…more bad news for commercial real estate as already mentioned in Holiday Retail Sales Down. The impact of Macy’s closing down just 1 location will be devastating for anyone who rents out the space. Multiply that by 10.