NEW YORK - Macy's says it will close 11 underperforming stores in 9 states - affecting 960 employees - after one of the weakest holiday seasons in years.
Stores slated for closure include locations in Los Angeles, West Palm Beach, Nashville and St. Louis, among others. Cincinnati-based Macy's Inc. says the closures will cost about $65 million, most of which will be booked in the 2008 fourth quarter.
The news comes as Macy's says its December sales at stores open at least a year, or same-store sales, fell 4 percent.
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