NEW YORK-- Retailer Macy's will lay off approximately 2,500 workers
as it restructures its business, it said Wednesday afternoon.
layoffs and other cost-saving changes are expected to generate savings
of about $100 million beginning this year, the company said in a press
"We have identified some specific areas where we can
improve our efficiency without compromising our effectiveness in serving
the evolving needs of our customers," said CEO Terry Lundgren in that
In total, Macy's workforce includes about 175,000 people.
retailer will close five Macy's stores in early spring 2014. The
stores that will close are in Fiesta Mall, Mesa, Ariz.; Metcalf South
Shopping Center, Overland Park, Kansas; Jamestown Mall, Florissant, Mo.,
Medley Centre, Irondequoit, N.Y.; and Fashion Place Mall, Murray, Utah.
a large organizational change, it will also combine its Midwest Region
with its North Region to create a new North Central Region.
The company had previously announced that eight new and replacement Macy's and Bloomingdale's stores are currently planned.
also said on Wednesday that comparable sales -- combined with
comparable sales from departments licensed to third parties - rose by
4.3% in the 2013 holiday shopping season compared with the same period
Company stock is up 5.2% to $54.52 per share, in after-hours trading.
FACTS ABOUT MACY'S INC.
Store Brands: Macy's and Bloomingdale's
Number of stores: About 840, including 36 Bloomingdale's
Locations: 45 states, District of Columbia, Guam, Puerto Rico
Number of employees: About 175,000
Founded: 1858 as R.H. Macy & Co. in New York City
New York Stock Exchange symbol: M
Source: Macy's Fact Book 2013