Macy's announce plans to close Peoria store
CHICAGO (AP) — Macy's has announced plans to close its store in Peoria's Northwoods Mall, one of 40 stores the department store chain is shutting down after reporting disappointing holiday sales.
Cincinnati-based Macy reports sales fell 5.2 percent in November and December at existing stores. It is blaming warm weather and lower spending by international tourists.
Macy's said Wednesday it will close the Peoria store in the fall. The closing of the 165,000-square-feet store, which opened in 1985, will affect 62 associates. The retailer says it expects some may be transferred to other stores.
Macy's said it now expects its fourth quarter and full year profits to fall short of its previous estimate.
It sees fourth-quarter earnings per share at $2.18 to $2.23, compared with the average analyst estimate of $2.56 per share.