Macy's plans to close 100 stores

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The company operates 728 stores across the country. It is one of two original anchor stores still in the mall, with Sears being the other.

Macy's Also disclosed that there is no cause for alarm by the employees of yet to be shut stores, because they will be absorbed into the nearby performing Macy's stores. But the results were better than analysts feared. It reported another quarter of falling profits and sales, though it said some moves like sprucing up its fine jewelry area and adding back some sales staff are helping.

Macy's shares rose as much as 17 percent to $39.76 in morning trading on Thursday, their biggest intraday percentage gain in seven years.

Macy's announced today it will shutter another 100 of its stores across the country, continuing a trend of retail store closures in the face of growing online competition, but it's unclear how many Southland locations will be affected. Maxx and online giant Amazon.com. "By closing 100 stores... we're getting out in front of this".

The planned closures come as part of an effort to improve the quality of Macy's stores, as well as its website and cellphone app, according to the company. US apparel sales have grown only 1 percent annually over the past 15 years, in part due to price deflation, according to Morgan Stanley estimates. It is also negotiating the possible sale of its men's store located at Union Square in San Francisco for renovation.

On the real estate side, Macy's is continuing to look for ways to monetize its store fleet, and is exploring opportunities its New York City, downtown Minneapolis and downtown Chicago flagships.

In its second quarter, which ended July 30, Macy's said its profits plunged to $11 million, or 3 cents a share.

Non-cash asset impairment and other charges of $249 million being booked in the second quarter include a preliminary estimate of upcoming store closings in fiscal 2016 and beyond.

Macy's ranks as Arizona's 41st largest non-government employer with 3,700 employees in this year's Republic 100 report. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 40 cents per share. Same store sales fell 2 percent compared with a 5.6 percent drop in the first quarter.

Macy's was founded in 1858 when it opened four small department stores in MA. That's the sixth straight decline for that measure. Americans have been spending - the Commerce Department said late last month that personal consumption climbed 4.2% in the second quarter, the best rate since late 2014 - but what they buy and where they buy it is changing.

The company said it was sticking to its outlook.