Macy's to lay off 2,500, but no store closures in Philadelphia area
Macy's Inc. announced a restructuring Wednesday including 2,500 layoffs and five store closings in a bid to trim costs by $100 million a year beginning in 2014. None of the department stores slated for closure are in the Philadelphia area.
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Macy's Inc. announced a restructuring Wednesday including 2,500 layoffs and five store closings in a bid to trim costs by $100 million a year beginning in 2014. None of the department stores slated for closure are in the Philadelphia area.
The Cincinnati-based retailer said that comparable-store sales, a key indicator of health, were up 3.6 percent during November and December compared to a year earlier, and that the planned cuts would boost profit while allowing for reinvestment in growth areas such as online commerce and the opening of new Macy's and Bloomingdale's stores. Workforce levels would remain at about 175,000 people, counting reassignments and continued hiring, the company said.
Macy's said that the cuts would affect lower-performing stores, and that a number of layoffs would be the result of consolidation of administrative jobs.
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