Macy's Inc. closing nine stores

CINCINNATI Macy’s Inc. today announced that it is shuttering nine underperforming stores, mainly located in the South and Midwestern regions of the United States.

“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,” said Terry Lundgren, chairman, president and ceo of Macy’s. “At the same time, we continue to open new Macy’s store locations in communities where we believe we can operate successfully.” 

The company opened 10 new stores and one furniture gallery in 2007. The company reported that in 2008, it expects to open five stores, with an additional six to eight new locations currently planned for 2009.