PORTLAND, Ore. (KOIN) – Retail giant Macy’s confirmed it is selling its downtown store along Southwest Morrison Street.
According to the company, they’ve signed a contract to sell the downtown store for $54 million.
KOIN 6 News learned the transaction is expected to close in the fourth quarter of 2016. The sale will net the company a profit of approximately $36 million.
The company says the downtown store – which is housed in the Meier & Frank Building and occupies 5 floors – will continue operations through the holiday season and will be closed in spring 2017.
In addition to the closure of the downtown store, Macy’s will not renew its lease with the Lancaster Mall in Salem. The company told KOIN 6 News that store will close in early spring 2017.
Some shoppers told KOIN 6 News of their disappointment with the closure announcement.
“By closing it, it takes away more of the attraction the fun of coming downtown,” said shopper Noel Denque.
“I was very disappointed and kind of sad because this Macy’s location is kind of iconic. It’s Christmas, you have the Santa land in here,” said shopper Rowena Macalanda.
Store employees said they’d known about the closure for some time, and they were given the option to transfer to other locations. The employees said they were glad the store made that offer to them.
Over the summer, Macy’s announced the department store would be closing 100 stores due to struggling sales.
It’s not clear who Macy’s has found to buy its downtown store.