Cincinnati-based Macy's is cutting 25 hundred jobs as part of a reorganization to sustain its profitability.
The announcement comes on the heels of a strong holiday shopping season for the chain. Macy's will reassign or transfer some workers and add some positions, leaving its workforce level at 175 thousand. The company plans to close five stores and open eight others, leaving it with 844 stores nationwide. Macy's says the moves will save 100 million dollars per year and forecasts a 2014 profit above Wall Street's forecasts.