Macy's to close Jefferson Mall store
After more than 35 years in business, Macy's is closing its Jefferson Mall store.
LOUISVILLE, Ky. (WDRB) -- After more than 35 years in business, Macy's is closing its Jefferson Mall store this spring. Going out of business sales are expected to start this month, a company spokeswoman said.
The location was among 68 stores identified Wednesday as those marked for closure by the retail giant. Fifty-two employees could lose their jobs in the closure of the 157,000 square-foot location.
The Jefferson Mall store first opened in 1979. The Oxmoor Mall Macy's store is not included in the closings.
The announcement comes after the company announced lagging sales results for November and December. The company now is looking to cut costs.
According to a news release issued Wednesday afternoon by the Cincinnati-based Macy's Inc., the closures are part of a larger effort for Macy's Inc. to "streamline its store portfolio, intensify cost efficiency efforts and execute its real estate strategy." In August, the company announced that it would be closing 100 of its stores across the U.S. to focus on a strategy of "fewer stores with better customer experience." The 68 stores announced today are among that number.
In total, the closures are expected to save the company $550 million.
Although praising the performance of its online business, the chain cited declining foot traffic in its big box locations as a catalyst for the cost-cutting measures.
"We continue to experience the declining traffic in our stores where the majority of our business is still transacted," the news release states, adding that the chain plans to focus more on tapping into changing customer behaviors, including a focus on online purchasing, in-store pickup services and shopping via mobile device.
"These actions bolster the company's strategy to further invest in omnichannel capabilities, improve customer experience and create shareholder value," the news release states.
Read the company's release on the latest closings here.
Read the company's release on holiday sales here.
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