Macy's To Close Iconic Downtown Miami Store

The Macy's at Great Northern Mall in Clay seen in a file

The closings are part of a plan announced in 2016 to close 100 stores. Macy's called the closures a "multi-year effort by the company to ensure the optimal mix of brick & mortar stores and digital footprint".

Macy's downtown Miami location, which it leases from New York-based Aetna Realty, was originally a Burdines store.

The downtown Macy's, at 22 East Flagler Street, is one of 11 stores around the nation that the department store giant said would be getting the ax. The restructuring will save the department store chain about $300 million a year, according to a press release. List among the closures is a second Florida location, the Macy's store in the Oaks Mall in Gainesville. The mall's total occupancy, however, dropped from 97.1 percent to 92.3 percent over that same timeframe, the filing shows.

The company, however, said it would now report fourth-quarter adjusted profit of $2.00 per share, compared with its previous forecast of $1.95-$2.10 per share, sending its shares down 11 percent premarket.

Penney said its e-ecommerce business sales rose in the double-digits on a percentage basis in the two months compared to the same period past year, largely driven by gifting items such as fine jewelry, luggage, toys, boots and athletic footwear.

"Looking ahead to 2018, we are focused on continuous improvement and will take the necessary steps to move faster, execute more effectively and allocate resources to invest in growth", Macy's CEO Jeff Gennette said in a statement.

Even with the holiday sales growth, Macy's stock closed at $24.49 on Thursday, down 84 cents - or about 3.3 percent - from Wednesday's closing price.



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