Cincinnati-based Macy’s Inc. (NYSE: M) has announced it will close 100 stores nationwide. The company says most of the closures will occur in January, however it is not yet known if any of the 10 Macy’s Indiana locations will be affected.
Macy’s currently has 675 full-line stores throughout the country. The company says the affected locations will be announced at a later date "once the company makes final decisions."
"Nearly all of the stores to be closed are cash flow positive today, but their volume and profitability in most cases have been declining steadily in recent years," said Jeff Gennette, president of Macy’s. "We recognize that these locations do not yield an adequate return on investment and often do not represent a customer shopping experience that reflects our aspirations for the Macy’s brand. We decided to close a larger number of stores proactively so we can invest in a winning customer experience in our most productive and highest-potential locations, as well as invest in growth sooner and more aggressively in digital and mobile."
Macy’s has two locations in Indianapolis, along with stores in Greenwood, Bloomington, Terre Haute, Lafayette, Muncie, Fort Wayne, Mishawaka and Merrillville.