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Macy's to lay off 2,500

Jan. 8, 2014 at 6:41 PM

CINCINNATI, Jan. 8 (UPI) -- U.S. department store chain Macy's said it would close five stores in the second quarter of the year and lay off about 2,500 workers.

The company, which has about 175,000 employees, said it would save about $100 million per year with the restructuring strategy, although it would log one-time charges of up to $135 million, which will be on the books in the final quarter of 2013.

Macy's said it would close stores in the Fiesta Mall in Mesa, Ariz., Metcalf South Shopping Center in Overland Park, Kan., Jamestown Mall in Florissant, Mo., Medley Centre in Irondequoit, N.Y., and Fashion Place Mall in Murray, Utah.

The company is also planning to open five new stores at the University Town Center, Sarasota, Fla., Shops at Summerlin, Las Vegas, Nev., Mall at Bay Plaza, The Bronx, N.Y., Plaza Del Caribe, Ponce, Puerto Rico and Mall at Miami Worldcenter, Miami.

New Bloomingdale's stores will open at Stanford Shopping Center in Palo Alto, Calif., Ala Moana, Honolulu, and Mall at Miami Worldcenter, Miami.

Those openings will include hiring 2,020 workers, Macy's said.

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Topics: Palo Alto
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