Macy’s to close 11 stores; none in Va.

-- Macy's today said it will close 11 underperforming stores in nine states -- affecting 960 employees -- after one of the weakest holiday seasons in years.

None of the stores is in Virginia. The closest to the state are in Tennessee and Pennsylvania.

Stores slated for closure include locations in Los Angeles, West Palm Beach, Nashville and St. Louis.

Cincinnati-based Macy's Inc. says the closures will cost about $65 million, most of which will be booked in the 2008 fourth quarter.

This morning's news comes as Macy's says its December sales at stores open at least a year, or same-store sales, fell 4 percent. That's better than the 5.3 percent drop analysts surveyed by Thomson Reuters were expecting. However, Macy's is lowering its forecast for the fourth quarter and full year due to heavy markdowns.

-- Wire And Staff Reports