(KMOV) – Macy’s department store in downtown St. Louis will close this summer because the company says it’s losing too much money.
Officials made the announcement Monday morning. They said the store will close in August.
“We deeply appreciate the loyalty of our downtown store customers, the diligence of our associates, and the concern and support of Mayor Slay and his administration over the years,” said Peter Sachse, Macy’s chief stores officer. “We have worked hard to reinvigorate our downtown business, including remodeling, downsizing and re-focusing the store in 2011. But unfortunately, the level of customer activity we see no longer justifies keeping the store open.
The store, located at 601 Olive St., includes about 189,000 sq. feet of space with a workforce of 94 employees.
The company said associates displaced by the closings may be offered positions in nearby stores where possible. Those who are laid off due to the store closing will be offered severance benefits.
About 100 Macy’s associates who work in the 9th and 10th floors of the Railway Exchange Building will be relocated to space in existing Macy’s office facilities in Earth City.
“We respect the rich history of this store and the historic significance of the Railway Exchange Building. We are committed to working closely with RNY-LLC, the building’s owner, on an orderly transition of our space to a new use,” Sachse said.
The store, which used to be a Famous-Barr, has been at the location since 1924.
A final clearance sale will begin on Sunday, June 2, and is expected to run for about 10 weeks.