• December 31, 2007

Just days after Christmas, Macy's says that it will close down nine of its underperforming stores, including locations in Indianapolis; Lake Charles, La.; Oklahoma City, Okla.; Riverdale, Utah; Dallas; Houston, and three stores in Ohio. Final clearance sales are schedule to begin within several weeks.

"While the decision to close stores is difficult, it is necessary that we do so selectively in locations with declining sales and where we have been unable to identify sufficient growth opportunities," the company says in its release. Like most department stores, Macy's has been clobbered by weaker consumer spending trends, and has said it expects December same-store sales to decline 4% to 7% compared with last year.

Meanwhile, the company is still expanding in key markets--opening 10 new stores and one furniture gallery in 2007, with plans to open five new stores in 2008, and between six and eight stores in 2009.

--Sarah Mahoney