Macy's forecasts strong earnings, to cut 2,500 jobs

Wed Jan 8, 2014 11:13pm GMT

Shoppers ride the escalator at Macy's Herald Square in New York in this November 28, 2013 file photo. REUTERS/Eric Thayer

Shoppers ride the escalator at Macy's Herald Square in New York in this November 28, 2013 file photo.

Credit: Reuters/Eric Thayer

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(Reuters) - Department store operator Macy's Inc (M.N) forecast earnings for the coming year above Wall Street estimates and announced a new cost cutting plan that will save the retailer about $100 million annually.

Shares of Macy's, the operator of Macy's and Bloomingdale's department stores, rose 5 percent after the bell.

The restructuring plan will include about 2,500 job cuts, the relocation of some stores and combining the company's Midwest region with its North region, reducing the number of regions to seven from eight.

(Reporting by Maria Ajit Thomas in Bangalore; Editing by Anthony Kurian)

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