Macy's is closing more than a dozen stores and expects to take charges of up to $110 million, according to the company on Thursday.
Shares for Macy's was trading down nearly 3 percent in after-hours.
An estimated $100 million to $110 million charges will be booked in the fourth quarter of 2014, which was not previously included in the company's earnings guidance. These are related to the retailer's merchandising and marketing restructuring, which includes store closings and asset impairment charges, among other things.
In early spring this year, 14 out of a total of about 790 Macy's stores will close. The closings represent about $130 million in annual sales, some of which are anticipated to be retained through nearby stores and online sales.
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