Macy's To Layoff 2,500 Employees, Close 5 Stores - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Macy's To Layoff 2,500 Employees, Close 5 Stores

Posted:

CINCINNATI, OH -  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. None of the store closings are in the Maryland, Delaware or Virginia area.

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. 

Macy's, Inc., with corporate offices in Cincinnati and New York, operates about 840 department stores in 45 states, the District of Columbia, Guam and Puerto Rico under the names of Macy's and Bloomingdale's.

  • Delmarvawide NewsDelmarvawide NewsMore>>

  • Accident Closes Part of Northbound Coastal Highway in Ocean City

    Accident Closes Part of Northbound Coastal Highway in Ocean City

    Thursday, August 21 2014 7:44 AM EDT2014-08-21 11:44:16 GMT
    The Maryland State Highway Administration says northbound Coastal Highway is currently closed around 70th Street in Ocean City because of a car accident.More
    The Maryland State Highway Administration says northbound Coastal Highway is currently closed around 70th Street in Ocean City because of a car accident.More
  • Virginia Gets NASA Funding for STEM Education

    Thursday, August 21 2014 6:19 AM EDT2014-08-21 10:19:49 GMT
    Virginia is sharing more than $17.3 million from NASA to increase student and faculty engagement in science, technology, engineering and mathematics at community colleges and technical schools.More
    Virginia is sharing more than $17.3 million from NASA to increase student and faculty engagement in science, technology, engineering and mathematics at community colleges and technical schools.More
  • Delaware Board Denies Commutation for Child Molester

    Thursday, August 21 2014 4:11 AM EDT2014-08-21 08:11:37 GMT
    Delaware's Board of Pardons has a denied a commutation request from a child molester who also has been named a person of interest in the 1975 disappearance of two sisters in Maryland.More
    Delaware's Board of Pardons has a denied a commutation request from a child molester who also has been named a person of interest in the 1975 disappearance of two sisters in Maryland.More
Powered by WorldNow

All content © Copyright 2000 - 2014 Worldnow and WBOC. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service