Montgomery to Close 48 More Stores, Cut Jobs

Reuters

Montgomery Ward & Co. said it plans to close 48 under-performing stores and cut 3,800 jobs in a bid to emerge from bankruptcy and return to profitability. The latest closings will leave the company with 294 department stores. The Chicago-based retailer, which filed for Chapter 11 bankruptcy protection, announced earlier this year that it will close eight stores. The closing will affect stores in Orlando, Fla., and Albany, N.Y., it said. "In addition to not being focused on a core retail strategy, Wards suffered from having a number of outdated and otherwise underperforming locations, and as such we have moved quickly to identify these stores and take the appropriate action," said Roger Goddu, chairman and chief executive. He said the company expects to be able to operate the remaining stores profitably. Montgomery Ward is closing four California stores in Long Beach, Hawthorne, Oceanside and Victorville.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World
54°