The Macy’s store in Cortana Mall is one of 40 locations the department store chain will close over the next two to three months.
A clearance sale at the 243,000-square-foot store will begin on Monday and will run for eight to 12 weeks. The store has 108 employees.
Macy’s announced in September it would close 40 locations and released the list of stores that will shut down on Wednesday. The Cortana store is the only Macy’s in Louisiana to close.
The Macy’s location has been one of the anchors of Cortana since the mall opened in 1976, with several well-known department stores occupying the space. Before Macy’s took over the location in 2005, it had been home to Dillard’s, Parisian, McRae’s and Foley’s.
The closing of Macy’s means that Cortana has two vacancies in its anchor spaces. The Mervyn’s space has been vacant since February 2006.
Moonbeam Capital Inc., of Las Vegas, bought Cortana and the Mervyn’s property in 2013, paying $6 million for the mall and $150,000 for the two-story department store. Attempts to contact Moonbeam officials for comment Wednesday evening were unsuccessful.
While vacancies inside Cortana have increased because of population shifts and competition from the Mall of Louisiana, the businesses along the mall’s ring road have remained busy catering to people who live in Mid City and north Baton Rouge. Over the past few years, Sam’s Club and Raising Cane’s have opened locations along the road.
Macy’s is cutting up to 4,800 jobs after disappointing holiday sales.
The Cincinnati-based department store chain says sales fell 5.2 percent in November and December at existing stores. Warm weather and lower spending by international tourists hurt sales.
Macy’s said it now expects its profit for its fiscal fourth quarter and full year, which run through January, to fall short of its previous estimate. It sees fourth-quarter earnings per share at $2.18 to $2.23, compared with the average analyst estimate of $2.56 per share.