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 workers without jobs.
The closings including three Lord & Taylor stores in Denver. Dates for the closings have not been decided, May said.
The targeted stores — representing 38 percent of Lord & Taylor’s sites but just 19 percent of sales — are in markets where Lord & Taylor lacked a major presence and generally had a few stores.
St. Louis-based May, pushing to focus on its core markets, will have 54 Lord & Taylor stores.
The company said it will take a charge of approximately $380 million, of which about $320 million — or 70 cents per share — will be recorded in this year’s second quarter ending Saturday.
In addition to Lord & Taylor, Famous-Barr and The Jones Store, May 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.