Macy's to close more stores; Cape store's fate unknown

Adding to the growing list of downsizing retail stores, Macy’s Inc. has announced its intention to close 100 of its full-line stores in 2017.

According to a news release from the company, the closures are part of an effort to increase profitability and improve shareholder value.

“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,” Macy’s Inc. president Jeff Gennette said in the release. “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.”

Most of the stores will close early in 2017, with the balance closing as leases and operating covenants expire. The stores that remain open will go through their own set of changes, the company said, including new vendor shops, new businesses on the sales floors through additional license agreements, an increase in the size and quality of staffing and new in-store events and experiences.

It is unclear whether the Macy’s Cape Girardeau location is among those targeted for closure. The company will communicate its store-closing decisions directly with its employees before making a public announcement.

According to the news release, employees displaced by store closings may be offered positions in nearby stores, and eligible full-time and part-time employees who are laid off due to the store closing will be offered severance benefits.

Pertinent address:

West Park Mall, 100 N. Mall Entrance, Cape Girardeau, Mo.

University Mall, 1237 E. Main St., Carbondale, Ill.