Macy’s Stores Near the Valley to Close

Macy’s, Inc. announce Wednesday that 40 Macy’s stores (out of a current total of about 770 Macy’s stores) will be closing. The other four stores were closed in the final three-quarters of 2015, as previously announced.

Macy’s located in the Burlington Town Center has been spared in latest round of store closures.

Department store chain Macy’s Inc, which lowered its full-year earnings expectations for the second time, said it would cut jobs and consolidate its operations, starting early 2016.

Other stores closing in Virginia are: Virginia Center Commons in Glen Allen and the main store and furniture store in Regency Square in Richmond.

Macy’s also said it is implementing a voluntary separation opportunity for about 165 senior executives at Macy’s and Bloomingdale’s.

Macy’s said unseasonably warm weather was responsible for most of the decline, dampening demand for cold-weather gear like coats and sweaters.

Macy’s shares, down 44% over the past 12 months, fell 1.2% to $35.70 in after-hours trading.

Company officials say eligible full-time and part-time associates who are laid off due to the store closings will be offered severance benefits.

In 2013, Macy’s Bridgeton call center added hundreds of flowering plants to create “green walls” in the former warehouse that was converted to office space at 111 Boulder Industrial Drive, near the Earth City Expressway.

With the overhaul, Macy’s expects to reduce expenses by about $400 million annually, starting this year.

Macy’s expects the cost-cutting moves to hurt fourth-quarter profits by $200 million.