The company announced 68 store closings today, including the Voorhees location and the Macy’s at the Moorestown Mall
Macy’s, Inc. announced the closure of 68 stores on Wednesday, including its locations at the Voorhees Town Center and the Moorestown Mall. The move, which is part of the 100 closings Macy’s announced in August 2016, will displace an approximate 3,900 employees. The Voorhees and Moorestown stores employ 184 associates.
“We are closing locations that are unproductive or are no longer robust shopping destinations due to changes in the local retail shopping landscape, as well as monetizing locations with highly valued real estate,” Terry J. Lundgren, chairman and chief executive officer of Macy’s, Inc. said. “These are never easy decisions, and we are committed to treating associates affected by these closings with respect and transparency.”
The Voorhees Town Center Macy’s is a 224,000-square-foot property and employs 77 associates, according to Macy’s, Inc. It opened in 1970 and is one of two anchor stores at the town center. Pennsylvania Real Estate Investment Trust owned the Voorhees Town Center before selling it for $13.4 million to Mason Asset Management and Namdar Realty Group in October 2015. The location is expected to be closed in the spring.
In addition to the store closings, Macy’s plans to reorganize remaining stores. The retail chain expects this reorganization to eliminate another 6,200 employees.
The actions announced Wednesday are estimated to generate annual expense savings of approximately $550 million.
Associates displaced by store closings may be offered positions in nearby stores where possible, according to Macy’s, and eligible full-time and part-time associates affected by the store closings will be offered severance benefits.
Other Macy’s stores to close in the Philadelphia region include the stores in the Plymouth Meeting Mall in Plymouth Meeting, Pa., and the Neshaminy Mall in Bethlehem, Pa.