Macy’s and J.C. Penney to Close Stores

Jan 8 2015 (nytimes) - Macy’s said on Thursday that it would close 14 stores but also open two new locations, resulting in annual savings of about $140 million. The retailer said it planned to reinvest the savings in a revamping of its merchandising and marketing operations in response to changes in the way customers shop in stores and online. “We must continue to invest in our business to focus on where the customer is headed — to prepare for what’s next,” Terry J. Lundgren, Macy’s chief executive, said in a statement. Macy’s said it aimed to increase the number of its outlet stores but was also looking to explore opportunities for an off-price business, like T. J. Maxx. In a separate announcement, J. C. Penney said that it would close about 40 stores this year and cut about 2,250 jobs. Last January, the company announced plans to close 33 stores. Full Story