— Jeff Ward, Lehigh Valley News Briefs
UPDATE: The closing will lead to 128 jobs cut, according to a State of Pennsylvania notice.***
Macy’s will close its downtown Philadelphia store in March.
The store in the Wanamaker Building occupies an entire block on Market Street. As the name indicates, the building was a Wanamaker’s before taken over by Macy’s.
The store with a massive pipe organ was a big draw during the holiday season, when Macy’s held a sound-and-light show.
Macy’s calls its plan to close 66 stores part of its Bold New Chapter plan. The Lehigh Valley Mall store will remain open. See this link for a list of stores to close.
“This plan is designed to return the company to sustainable, profitable sales growth which includes closing approximately 150 underproductive stores over a three-year period” according to the Macy’s statement. The company will also invest in other stores, it said.
Shares in Macy’s (NYSE:M) were trading at $16.02 at 10:27 a.m. Friday. The shares have traded between $14.06 and $22.10 in the last 52 weeks.
Lehigh Valley News Briefs 