macy's inc (M) Snapshot

Investors and analysts meeting

Macy's, Inc. announced that Macy's plans to open a new store in Ponce, PR, in fall 2015. The two-level store of 150,000 square feet will be located in Plaza Del Caribe, the mall in southern Puerto Rico, owned by Empresas Fonalledas. Macy's Ponce store will include an assortment of fashion goods for women, men, children and home that is tailored to the preferences of the Puerto Rican customer. Construction is expected to begin in 2014. Macy's Ponce store is expected to employ a workforce of approximately 275 associates. Ponce will be Macy's second store in Puerto Rico. A very successful existing location in Plaza Las Américas in San Juan opened in 2000.

Macy's, Inc. announced that it plans to lay off 58 employees between July 28, 2013 and August 10, 2013 due to the planned closing of its downtown St. Louis department store. The company filed a Worker Adjustment and Retraining Notification (WARN) report May 24, 2013 with the state of Missouri. The 58 employees referenced in the WARN notice are primarily sales associates and store management. The downtown location employs a total of 94 workers. The company said the other 35 or so employees downtown work in positions that support all of Macy's St. Louis-area stores and now will be based in other stores. Another 100 corporate employee's work on the ninth and 10th floors of the Railroad Exchange building that houses Macy's downtown store, those employees will be relocated to Macy's offices in Earth City.