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Macy’s plans to cut 2,500 jobs, close stores


CINCINNATI — Macy’s Inc. said Wednesday that it is cutting jobs and closing stores 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 work force level at about 175,000.

No specific information was available on the cuts. Macy’s operates Las Vegas Valley department stores at Boulevard Mall, Fashion Show mall, Galleria at Sunset mall and Meadows mall.

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.

 

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