The stores that will close weren’t named; Macy’s has two stores in West Virginia, at the Charleston Town Center Mall and at the Huntington Mall in Barboursville.
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The retailer said on Thursday as it announced its earnings that it would shutter 100 stores, mostly at the beginning of next year.
The stock was up 16.9 percent, to $39.75, in early afternoon trading.
Macy’s has corporate offices in Cincinnati and New York, and long has been the title sponsor of New York City’s Thanksgiving Day parade.
Terry Lundgren, Macy’s chairman and chief executive, reassured investors with talk of a comeback. Later that year, 40 more stores shut down nationwide.
Consumers are also spending more on big-ticket items such as electronics and cars than they are on clothes, further pressuring sales at department stores.
The closures are likely to lead to the loss of thousands of jobs and create large vacancies at malls, which lead to less foot traffic and fewer sales for the remaining smaller stores.
At the Roseburg Valley Mall, Macy’s rented its space and chose not to renew its lease when that ended in January, said Andrea Gagnon, the mall’s general manager.
Walmart, the world’s largest retailer, announced on Monday that it would buy online rival jet.com for over $3 billion, which commentators say is an effort at a multi-billion dollar revamp of its e-commerce division.
At present, department stores have struggled with tough competition coming from web-based and discount retailers. Sportman’s Warehouse – a national outfitter for hunters, anglers and campers – moved into the space, opening in July.
The company, in a release, said that about 90 stores have been closed and 13 opened since 2010.
Looking ahead, the company said it remains confident in its previous guidance for the full year 2016. Elements of that renovation will be incorporated across other stores, Metrick said.
Including the two Rockland County locations, there are 46 in NY state, that, together with the company’s Bloomingdale’s and Bluemercury stores, employ 7,400 people, according to the company’s website.
But Macy’s stuck to its full-year forecasts and said its target of limiting the fall in comparable sales to 3-4 percent “feels achievable”.
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“The announcements we are making today represent an advancement in our thinking on the role of the stores, the quality of the shopping experience we will deliver, and how and where we reinvest in our business for growth”, said Macy’s President Jeff Gennette, reported the Associated Press.
