Macy's is closing five store locations. Photo: Getty Images

As part of a regular review of store performance, Macy's will be closing five locations.

The following Macy's outposts will be shuttered: Downtown Boise, ID; Summit Place Mall, Waterford, MI; Northwest Plaza, St. Ann, MO; Downtown Missoula, MT; and Burlington Center Mall, Burlington, NJ.

"We are committed to maintaining a healthy portfolio of stores, which requires us to make the difficult decision to close some stores that no longer meet our performance requirements," Terry J. Lundgren, chairman, president and chief executive officer of Macy's, Inc., said in a release.

"The decision to close stores is difficult, and often occurs when the market changes, new competing shopping centers are opened nearby to existing older ones, or when customers change shopping habits. In the store closing process, we are committed to treating affected associates with respect and openness," Lundgren said.

These closures will affect more than 300 employees who may be offered positions in nearby stores or receive severance benefits and outplacement assistance.

In 2009, Macy's opened five new Macy's stores. In 2010, Macy's, Inc. currently expects to open new Bloomingdale's stores in Santa Monica, CA, and Dubai (its first international location).

For shoppers, however, this gray cloud of bad news does have a silver lining. Final clearance sales at these stores will start on Sunday, Jan. 10 and run for a whopping two months.

For a rosier outlook on the retail giant's future, check out this collaboration.