Macy's Inc plans to close stores in six states

Weak progress and low sales make up the reason of closure of 9 Macy's stores. Six states fall victim to underperformance. They are: Indianapolis; Lake Charles, La; Akron, Canton, and North Randall, Ohio; Oklahoma City; Dallas; Houston; and Riverdale, Utah.

Photo: Macy's Inc plans to close stores in six states

Macy's, Inc. (NYSE: M), formerly Federated Department Stores, Inc., is a department store holding company and owner of Macy's and Bloomingdale's department stores. Founded in 1929 in Columbus , Ohio , Federated's stores specialize mostly in retailing clothing, jewelry, watches, dinnerware, and furniture. On June 1, 2007, the company changed its name from Federated Department Stores to Macy's Inc. and changed its NYSE ticker symbol from "FD" to "M".

Macy's Inc. is headquartered in Cincinnati , Ohio and operates almost 900 stores in the United States . The company's Macy's locations and related operations account for 90 percent of the company's revenue, while luxury-oriented Bloomingdale's stores and associated ventures represent the balance of the company's business. Macy's is well known for its flagship department stores, most notably in New York, San Francisco, Los Angeles, Chicago, Boston, and Cincinnati.

Around 899 people will lose their jobs but are promised positions in nearby stores where possible.

Instead Macy's is going to open five stores in new locations ranging from six to eight.