Just as Macy?s declared the just-passed holiday season a ?success? it was announcing that it would slash jobs by 2,500 to reap greater cost savings. The retailer estimates that by cutting the 2,500 jobs, and reassigning or transferring many more it will save approximately $100 per year. The job cuts are part of a larger reorganization that includes closing five stores in Arizona, Kansas, Missouri, New York, and Utah. After the reorganization Macy?s will have 844 stores staffed by about 17,500 employees. The reorganization is an attempt to make up for lackluster shareholder returns in 2013.
See "Macy?s to lay off 2,500 employees amid cost-cutting", Tiffany Hsu, Los Angeles Times, January 8, 2014