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U.S. markets recover from steep losses
CINCINNATI, Jan. 8 (UPI) -- U.S. retail giant Macy's Inc. said it would close down 11 under-performing stores with a total loss of 960 jobs.
In a statement, Chairman and Chief Executive Officer Terry Lundgren said the closings were "part of our normal course-process to prune under-performing locations."
Macy's, which operates 840 department stores in 45 states, will close two small outlets -- one in Mauna Lani Bay Hotel on the Island of Hawaii and one in West Mifflin, Pa. -- each with three employees. The largest outlet closing, measured by the number of employees affected, is at the Crestwood Mall in St. Louis with 176 employees.
In 2009, Macy's expects to open three new stores and one replacement store. In 2008, the company opened four new stores and a furniture store, while reopening an outlet in New Orleans damaged by Hurricane Katrina in 2005.
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