Looks like Macy’s is really struggling as they announced 2500 job cuts as a part of their plan for reorganization to ensure they stay in profit.
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. How Miami Valley workers will be affected is not yet known.
The Cincinnati-based company plans to close five stores and open eight others, leaving it with 844 stores nationwide once the changes are complete. None of the stores closing are in Ohio.
Macy’s says the moves will save it $100 million per year and forecast a 2014 profit above Wall Street’s forecasts.
The news sent its shares up 5.5 percent in after-hours trading.