Macy's announces 2,500 layoffs despite holiday success
Source: AP
Jan 8, 2014
CINCINNATI (AP) -- 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.
Read more: http://www.kjrh.com/money/business-news/macys-announces-2500-layoffs-despite-holiday-success
LiberalElite
(14,691 posts)"...The news was welcomed warmly by the marketplace, with Macys shares shooting up 5.5% in after-hours trading."
Read more: Macy's Cutting Jobs and Closing Five Stores | TIME.com http://business.time.com/2014/01/08/macys-layoffs/#ixzz2prjeuhi2
abelenkpe
(9,933 posts)All hail Wall Street!
Who cares about American workers or their families?
onehandle
(51,122 posts)[IMG][/IMG]
1000words
(7,051 posts)Who are they kidding?
kelliekat44
(7,759 posts)don't like them.
niyad
(113,275 posts)remaining store, since they clearly do not need my business. will miss the parade, though.
olddad56
(5,732 posts)Not just Macy's but the entire mall. Surprised me.