Macy's to close Plano's Collin Creek Mall location March 31

Plans to sell the Collin Creek Mall to an Sam Ware's Dreien Opportunity Partners hit a snag on May 2 after parties to the sale failed to reach an agreement according to their initial timeline.

Plans to sell the Collin Creek Mall to an Sam Ware's Dreien Opportunity Partners hit a snag on May 2 after parties to the sale failed to reach an agreement according to their initial timeline.

Macy's Inc. plans to close its Collin Creek Mall location near the end of the month. This closure will displace 103 employees at the Plano location, according to the department store.

"The last day of business for the Collin Creek store is tentatively scheduled on or about March 31st based on the available inventory," said Melissa Goff, vice president of media relations and cause marketing for Macy's.

The Plano store is one of 68 locations around the country that Macy’s announced it will close by mid-2017, according to a company statement released in January. The closures were announced as the company continues to see “declining traffic” in stores, where a majority of the company’s business is transacted, Terry J. Lundgren, chairman and CEO of Macy’s, said in the release.

“Our plan to close approximately 100 stores over the next few years is an important part of our strategy to help us right-size our physical footprint as we expand our digital reach,” Lundgren said in the statement. “We are closing locations that are unproductive or are no longer robust shopping destinations due to changes in the local retail shopping landscape as well as monetizing locations with highly valued real estate.”

In addition to the store closures, Macy’s plans to restructure its operations and create value from its remaining real estate portfolio. The company expects the measures to save roughly $550 million per year in expenses, according to the statement.