Macy’s to Close Suburban Square Location
The Macy’s at Suburban Square in Ardmore, Pa. is closing in the spring.
Opened in 1930, the 102,000-square-foot store employed 74 associates who will soon be laid off, although the company says the displaced workers may be offered positions at nearby stores.
It’s the result of a poor holiday season for Macy’s, which saw sales fall 5.2 percent in November and December. It expects its fiscal fourth-quarter sales to fall below estimates.
Now, 36 Macy’s stores are set for closure this spring. Four more around the country already closed in 2015. (None of the others are in the Philadelphia region.) Nationwide, that’s 4,800 jobs being cut at stores that generated $375 million in annual sales. For Macy’s, it’ll mean a cost savings of $400 million.
Terry J. Lundgren, chairman and chief executive officer of Macy’s, said in a statement that “there will be short-term pain as we tighten our belt” and reduce expenses.
“In light of our disappointing 2015 sales and earnings performance, we are making adjustments to become more efficient and productive in our operations,” Lundgren. “Moreover, we believe we can operate more effectively with an organization that is flatter and more agile so we can pursue growth and regain market share in our core Macy’s and Bloomingdale’s omnichannel businesses faster and with more intensity.”
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