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Macy's cutting 2,500 jobs in reorganization

1 year ago January 08, 2014 Jan 8, 2014 Wednesday, January 08 2014 Wednesday, January 08, 2014 2:25:21 PM EST in News
Source: WBRZ, Associated Press

CINCINNATI - Macy's Inc. is cutting 2,500 jobs as part of a reorganization to sustain its profitability.

Macy's said Wednesday that it will reassign or transfer some workers and add some positions, leaving its workforce level at about 175,000. The Cincinnati-based company plans to close five stores and open eight others, leaving it with 844 stores nationwide once the changes are complete.

A company representative said no Louisiana stores would close as a result of the reorganization. They did not have any specifics about how potential layoffs would affect Macy's employees in the state.

The announcement comes on the heels of a strong holiday shopping season for the department store chain. Macy's says the moves will save it $100 million per year and forecast a 2014 profit above Wall Street's forecasts.

The news sent its shares up 5.5 percent in after-hours trading.

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