Cincinnati-based Federated Department Stores is shutting the doors at two of its Macyâ€™s locations this spring.
Riverchase Galleria in Birmingham, Ala., and Augusta Mall in Augusta, Ga., will be minus two anchors as liquidation sales begin in upcoming months. Final determination of the shops are expected mid-year.
The company has indicated the vacant spaces will be made available to third parties, or possibly for expansion of either its Richâ€™s, Lazarus or Goldsmithâ€™s divisions.
Nearly 350 employees were notified of the closing this week. Workers unable to be placed in positions elsewhere in the company will receive severance packages. Federated expects to incur $35 million to $40 million of one-time restructuring charges â€” equal to less than $5 million in cash.
A small chunk of change considering the firmâ€™s Macyâ€™s East division's annual sales in 2000 reached $4.8 billion. The combined annual sales from all Federated concepts â€” Macyâ€™s, Bloomingdaleâ€™s, The Bon Marche, Burdines, Goldsmithâ€™s, Lazarus and Richâ€™s â€” total more than $15.5 billion.
-- Staff and wire reports