Macy's to lay off 2,500 workers as it restructures business

Published On: Jan 08 2014 04:19:33 PM EST
Updated On: Jan 08 2014 04:42:35 PM EST

NEW YORK -

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

The announcement comes on the heels of a strong holiday shopping season for the department store chain.

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.

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.

Read the company's full press release on the layoffs right here.

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