Macy's Paseo Colorado Store to Shut Down

The Macy's department store chain announced Thursday that it is closing its location at Paseo Colorado in early spring 2013 as part of a plan to shut down five of its stores nationwide, the company announced Thursday.

Calling the closure part of the company's "normal-course adjustments to its portfolio," Macy's said in a news release that the stores are being shuttered because they are underperforming.

"We remain committed to operating a successful and growing stores business as part of our company’s Omnichannel strategy for serving customers wherever, whenever and however they prefer to shop," said Karen M. Hoguet, chief financial officer of Macy’s, Inc., in a prepared statement. "This leads us to open new stores where we see the opportunity to fill gaps in important markets, as well as to make the tough decision to selectively close underperforming stores that no longer meet our performance requirements or where leases are not being renewed."

The Paseo location will begin clearance sales to liquidate its merchandise on Jan. 7, according to the release.

Macy's did not specify how many layoffs the closure would result in.

"The company is committed to treating associates affected by store closings with respect and openness," the news release states. "Associates displaced by store closings may be offered positions in nearby stores where possible. Eligible full-time and part-time associates who are laid off due to the store closing will be offered severance benefits."