Federated Department Stores Inc. (Cincinnati) has announced that five Rich's-Macy's and Lazarus-Macy's stores in Alabama, Georgia, Ohio and Pennsylvania will be closed by May 2004.
The stores to be closed are: Rich's-Macy's stores in Century Plaza, Birmingham, Ala., and Cobb Center, Smyrna, Ga.; and Lazarus-Macy's stores in Westerville and Oxford, Ohio, and in downtown Pittsburgh.
Federated's Rich's/Lazarus/Goldsmith's-Macy's division also reiterated its previously internally announced plans for an April closing of the Lazarus-Macy's store in Heath, Ohio.
“The decision to close a store always is difficult because we recognize the impact it has on our employees and the local community,” said division chairman Ronald Klein. “While as a business we cannot continue to operate underperforming store locations, we are committed to acting responsibly in all such cases. This means ensuring that our employees are offered enhanced transitioning assistance.”
Federated said it expects store closing and consolidation costs of approximately $15 million related to the announced store closings.