Macy's to lay off 2,500 employees, close several stores

A major national retailer is laying off thousands of employees.Macy’s announced Wednesday that it will lay off 2,500 workers across the country.The retailer, headquartered in Cincinnati, said it will also close several stores around the country.Watch this storyThe move is part of a several million dollar cost reduction plan.The plan includes "trimming certain central office, administrative and back-of-the-house expenses across the company."It is expected to save the company $100 million per year."Our stores remain a very important component of our omnichannel strategy for both the Macy's and Bloomingdale's brands. We continue to maintain a very strong nationwide network of stores through an ongoing process of selectively adding new locations while also trimming those that no longer meet our performance requirements or where our leases were not renewed," Macy’s chairman, president and CEO Terry Lundgren said in a prepared statement.Affected employees will be offered severance benefits.Macy's only announced the first five store closings, none of which is in the Tri-State.The retailer cut 7,000 positions in 2009. It has 175,000 employees nationwide.Once all changes are implemented, Macy's will operate 844 stores in 45 states. It has sales of $27.7 billion in 2012.

A major national retailer is laying off thousands of employees.

Macy’s announced Wednesday that it will lay off 2,500 workers across the country.


The retailer, headquartered in Cincinnati, said it will also close several stores around the country.

Watch this story

The move is part of a several million dollar cost reduction plan.

The plan includes "trimming certain central office, administrative and back-of-the-house expenses across the company."

It is expected to save the company $100 million per year.

"Our stores remain a very important component of our omnichannel strategy for both the Macy's and Bloomingdale's brands. We continue to maintain a very strong nationwide network of stores through an ongoing process of selectively adding new locations while also trimming those that no longer meet our performance requirements or where our leases were not renewed," Macy’s chairman, president and CEO Terry Lundgren said in a prepared statement.

Affected employees will be offered severance benefits.

Macy's only announced the first five store closings, none of which is in the Tri-State.

The retailer cut 7,000 positions in 2009. It has 175,000 employees nationwide.

Once all changes are implemented, Macy's will operate 844 stores in 45 states. It has sales of $27.7 billion in 2012.