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#Well, we don't know exactly which stores it will be, but I don't see any reason for it to be dramatically different than the split of our stores today.
We did two very detailed analyses.
One which we've always done, which is how is the store performing and how do we expect it to perform in the future.
We project out cash flows and discount them back and compare that to the proceeds that we would get.
So what you would expect to be a typical financial analysis.
What we did this year, though, to supplement that is we went through and looked at all of our locations and evaluated them based on their strategic importance, which had to do with quality of the market, quality of the malls, the competition in the malls and the market; what was happening in terms of growth of income and population in all the markets; and coverage that we would need to go forward.
And ranked our stores in terms of long-term strategic importance.
So what we have done to come up with this 100 stores is married those two.
In most cases, as you would imagine, a poorly-located store is also an underperformer and so, for the most part, they were both of those.
But it did lead us to accelerate some of the closings that in prior years we might not have done without that long-term valuation of the strategic importance of location.
So that is most of 100.
There are a few additional locations, though, that have been included that are not strategically critical to the Company based on that analysis, but where, from a redevelopment opportunity, we think there's a big opportunity.
In those cases they are not underperformers, but long term they are not critical to the Macy's footprint, and so we will be taking advantage of the real estate demand for those locations as well.
But I would say most of them are both underperforming and not in good locations for the long term.
They're all over the country.
Again, we don't have the specific locations, but geographically they are spread across the country, because even in high-growth markets, there are malls that aren't strong or areas where we've got duplication.
Remember Macy's is the combination of many companies that we put together over the years, so it shouldn't be surprising that in some markets we don't need as many stores as we have.
No, not at this point.
We need to work through what stores it's specifically going to be.
No, as you would imagine, we would always like to get things done quicker.
But these are big, complicated assets, so I would say, no, it's pretty much as expected.
Yes, the intent is completely the same.
And, again, that has always been the benefit of stock buybacks: you can flex them up and down depending.
We took advantage of an opportunity after the first quarter, but we continued focused on maintaining the investment-grade ratings.
We are working hard to get back into our target debt-to-EBITDA range, the 2.5 to 2.8, which we are obviously above right now.
But we think that will happen naturally through EBITDA increases and don't, at this point, anticipate proactive debt repayment.
But that doesn't mean we couldn't do it in the future should EBITDA not materialize.
But at this point, the use of proceeds will be, as you might expect, but not proactive debt pay downs.
Although, again, it could happen and our goal remains to get back into these targeted ranges.
I can't comment at this point.
Wonderful.
Thanks, everybody.
If you have further questions, just let us know.
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