CINCINNATI-- Macy's, Inc. (NYSE:M) today announced it will close its downtown St. Louis store in the Railway Exchange Building at 601 Olive St. A final clearance sale will begin on Sunday, June 2, and is expected to run for approximately 10 weeks.
We deeply appreciate the loyalty of our downtown store customers, the diligence of our associates, and the concern and support of Mayor Slay and his administration over the years
The store, opened in 1924, currently includes about 189,000 square feet of space with a workforce of 94 associates. The company is committed to treating these affected associates with respect and openness. Associates displaced by the closings may be offered positions in nearby stores and facilities where possible. Eligible full-time and part-time associates who are laid off due to the store closing will be offered severance benefits.
Macy's looks forward to continuing to serve customers at its eight other stores in the Greater St. Louis metropolitan area.
In addition, about 100 Macy's associates who work in various corporate and district offices on the ninth and 10th floors of the Railway Exchange Building will be relocated to space in existing Macy's office facilities in Earth City in St. Louis County. The planning for that move will begin as the store is closed.
Going forward, Macy's workforce in the Greater St. Louis metropolitan area will include about 3,000 associates in the stores, offices, a distribution center and the credit and customer services hub.
We deeply appreciate the loyalty of our downtown store customers, the diligence of our associates, and the concern and support of Mayor Slay and his administration over the years, said Peter Sachse, Macy's chief stores officer. We have worked hard to reinvigorate our downtown business, including remodeling, downsizing and re-focusing the store in 2011. But unfortunately, the level of customer activity we see no longer justifies keeping the store open.
We respect the rich history of this store and the historic significance of the Railway Exchange Building. We are committed to working closely with RNY-LLC, the building's owner, on an orderly transition of our space to a new use, Sachse said.
Macy's, Inc., with corporate offices in Cincinnati and New York, is one of the nation's premier retailers, with fiscal 2012 sales of $27.7 billion. The company operates about 840 department stores in 45 states, the District of Columbia, Guam and Puerto Rico under the names of Macy's and Bloomingdale's, as well as the macys.com and bloomingdales.com websites. The company also operates 12 Bloomingdale's Outlet stores. Bloomingdale's in Dubai is operated by Al Tayer Group LLC under a license agreement.
(NOTE: Additional information on Macy's, Inc., including past news releases, is available at www.macysinc.com/pressroom).
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