ST. LOUIS - May Department Stores Co. said Wednesday it will close 32 of its Lord & Taylor stores in 15 states and two other stores under different names, leaving about 3,700 employees without jobs. <br>
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St. Louis-based May will still have 54 Lord & Taylor stores in 11 states and the District of Columbia. <br>
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The company has three stores in the Atlanta area. They are at the Mall of Georgia, North Point Mall and Phipps Plaza. All three reportedly will close.<br>
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``In evaluating our long-term strategic objectives, it is clear that Lord & Taylor's customers and May's are best served by concentrating our efforts and resources on those markets with strong performances,'' said Jane Elfers, president and chief executive of May's Lord & Taylor division. <br>
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May also plans to close a Famous-Barr store in Des Moines, Iowa, and a Jones Store in Omaha, Neb. <br>
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May said it expects the closings to save about $50 million a year. <br>
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The dates for the closings have not been decided, May spokeswoman Sharon Bateman said. <br>
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May said it would provide severance pay and enhanced retirement benefits to employees who lose their jobs. <br>
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Last month, May said it laid off about 1,500 workers in sales management and support positions, amounting to about 1.3 percent of its overall work force. <br>
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May also operates such stores as Filene's, Foley's, Hecht's, Kaufmann's, L.S. Ayres, Meier & Frank, Robinsons-May and Strawbridge's. The company also has 191 David's Bridal shops and 259 After Hours Formalwear sites. <br>
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May stock rose 81 cents to $24.26 in afternoon trading on the New York Stock Exchange.
