Macy's to close downtown Cincinnati store

Macy's to close downtown Cincinnati store

In addition to closures, Macy's announced staffing adjustments across the organization, with reductions in some stores and increases in others.

With these closures, the retailer will have completed 81 of the approximately 100 planned store shutterings it announced back in August.

The location was previously a Burdines department store and served as the company's headquarters until Burdines was bought by Federated Department Stores, Inc., which also owns Macy's.

Management updated analysts and investors this past November, saying Macy's would continue to explore opportunities with Brookfield Asset Management on about 50 properties, including the department store chain's flagship Herald Square location in NY. It opened the Miami location in 1898. The Burdines name was dropped in 2005. A year later it became just Macy's.

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A second Florida Macy's, at the Oaks Mall in Gainesville will also be closing this year.

Business Insider first reported Wednesday that more closures were coming in 2018. "Regular, non-seasonal employees who we are unable to place at nearby locations will be eligible for severance, including outplacement resources".

The store at 22 E. Flagler Street will be closing in early 2018, though an exact date wasn't released.

The new store closures will help streamline nonstore functions to save about $300 million, it said. Macy's called the closures a "multi-year effort by the company to ensure the optimal mix of brick & mortar stores and digital footprint". Additionally, the company said at the time it would close 34 more stores "over the next few years" as leases or operating covenants expired or as sale transactions were completed (making 100 closures in total).

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