Macy's To Cut Jobs, Close Stores In Reorganization

Macy's Inc. announced Wednesday that it is cutting 2,500 jobs as part of a reorganization. Other workers will be reassigned or transferred. The Cincinnati-based retailer also announced it will close five stores.

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RENEE MONTAGNE, HOST:

NPR's business news starts with layoffs at Macy's.

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MONTAGNE: Macy's has announced it's letting go 2,500 employees and closing five stores as part of a major reorganization. The company says it will save $100 million a year with the changes. It will also move hundreds of employees to its other department stores and to the company's online operation.

Word of the layoffs was good news on Wall Street. Macy's stocks rose over six percent in after-hours trading.

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