January 4, 2017 / 9:16 PM / 7 months ago

BRIEF-Macy's to close 68 stores

2 Min Read

Jan 5 (Reuters) - Macy's Inc

* Macy's, Inc. announces actions to streamline store portfolio, intensify cost efficiency efforts and execute real estate strategy

* Macy's Inc - closure of 68 stores and reorganization of field structure

* Macy's Inc - actions announced are estimated to generate annual expense savings of approximately $550 million, beginning in 2017

* Macy's Inc - savings, combined with savings from initiatives implemented in early 2016, exceed $500 million goal communicated in fall of 2015

* Macy's- about $250 million of charges or 50 cents per share (of which about $210 million is expected to be cash) are expected to be recorded in q4 of 2016

* Macy's- charges are in addition to $249 million recorded in q2 as estimate of asset impairment and other charges primarily related to 2016 store closings

* Macy's Inc - "we continue to experience declining traffic in our stores where majority of our business is still transacted"

* Macy's Inc - "we expect our 2017 change in comparable sales to be relatively consistent with our november/december sales trend" Source text for Eikon: Further company coverage:

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