Macy’s to lay off 2500 employees

Retail giant Macy’s is undertaking some changes in its employee count and the number of its stores, in a move to sustain profitability and yet remain cost-conscious. The company has decided to lay off around 2,500 employees, reports say. With this, it is hopeful of achieving savings worth $100 million per year, reports suggest.

Macy’s also noted that it would be adding in new positions especially in its online segment. Also, its workforce strength would be at around 175,000 people.

Macy’s has noted a 4.3 percent increase in its holiday sales in 2013.

Five stores are on the agenda to be shut down, while eight more stores including Macy’s and Bloomingdale’s are planned to be opened, reports suggest. Also, the company is transferring the merchandising responsibilities for ‘soft home categories’ from district to regional and national level, reports say.