Macy's forecasts strong earnings, to cut 2,500 jobs
(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)
- Tweet this
- Share this
- Digg this
- Sweden says credible reports of foreign submarine in its waters
- Hong Kong crisis deepens after weekend clashes, talks set for Tuesday |
- Lufthansa cancels flights due to pilots strike; train stoppage strands millions |
- Comet makes rare close pass by Mars as spacecraft watch
- Germany plans tougher controls on would-be jihadists