Macy's announces 2,500 layoffs despite holiday success

[OhioChick]

Source: AP

Jan 8, 2014

CINCINNATI (AP) -- 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.

Macy's says the moves will save it $100 million per year and forecast a 2014 profit above Wall Street's forecasts.

Read more: http://www.kjrh.com/money/business-news/macys-announces-2500-layoffs-despite-holiday-success

[LiberalElite]

1. From Time.com's Business section:

"...The news was welcomed warmly by the marketplace, with Macy’s shares shooting up 5.5% in after-hours trading."

Read more: Macy's Cutting Jobs and Closing Five Stores | TIME.com http://business.time.com/2014/01/08/macys-layoffs/#ixzz2prjeuhi2

[abelenkpe]

2. Profitable company lays off workers so it can be even more profitable

All hail Wall Street!

Who cares about American workers or their families?

[onehandle]

3. As I have informed Macy's, I will not shop there as long as they sell the wares of a birther.

[IMG][/IMG]

[1000words]

4. That was going to happen regardless of the season's sales receipts

Who are they kidding?

[kelliekat44]

5. Funny, I just paid off my account and asked to close it. I don't like them and now I really

don't like them.

[niyad]

6. well, that is good news. now I won't have to bother trekking to the other side of town to visit the

remaining store, since they clearly do not need my business. will miss the parade, though.

[olddad56]

7. I was in Macy's today. In a popular shopping mall in Sacramento. It was so empty it feel wierd...

Not just Macy's but the entire mall. Surprised me.

[OKNancy]

8. Interesting. Macy's is opening an internet fullfillment warehouse in Tulsa - employ 2500

http://examiner-enterprise.com/business/macy-s-open-fulfillment-center-employ-2500-owasso