Macy’s, Inc. announced 68 store closings as the company works to straddle the online and brick and mortar world of retailing.
No Delaware stores were affected. Delaware stores tend to be more profitable, due to the lack of a sales tax. Macy’s has stores in Christiana, north Wilmington and Dover.
The closing of 68 stores is part of the approximately 100 closings announced in August 2016.
The actions announced today are estimated to generate annual expense savings of approximately $550 million, beginning in 2017, enabling the company to invest an additional $250 million in growing the digital business, store-related growth strategies, Bluemercury, Macy’s Backstage and China.
These savings, combined with savings from initiatives implemented in early 2016, exceed the $500 million goal communicated in fall of 2015, one year earlier than expected, a release stated.
Macy’s will end up with 730 stores.
Store closing in the region by the end of the year include:
- Moorestown, Moorestown, NJ (200,000 square feet; opened in 1999; 107 associates);
- Voorhees Town Center, Voorhees, NJ (224,000 square feet; opened in 1970; 77 associates)
- Neshaminy, Bensalem, PA (211,000 square feet; opened in 1968; 89 associates)
- Plymouth Meeting, Plymouth Meeting, PA (214,000 square feet; opened in 1966; 74 associates);
