Macy's to Cut Thousands of Jobs, Close Stores in Major Restructuring

January 7, 2016 12:43 AM

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Macy's to Cut Thousands of Jobs, Close Stores in Major Restructuring

Department store Macy's announced Wednesday it will cut thousands of jobs and close some stores as part of restructuring to trim costs and reverse what it called "disappointing 2015 sales and earnings."

With the overhaul, Macy's expects to reduce expenses by about $400 million annually, starting this year. It will cut about 3,000 associate jobs and more back-office and call center positions, as well as create a "voluntary separation opportunity" for 165 senior executives. Some of those employees wi...

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