February 26, 2019 / 1:12 PM / 23 days ago

Macy's announces restructuring plan to save $100 mln annually

Feb 26 (Reuters) - Macy’s Inc on Tuesday announced a restructuring plan that would cut the complexity of its top management structure to speed up decision-making and reduce costs.

The retailer said it expects the move to yield annual expense savings of $100 million, starting fiscal 2019.

Macy’s also reported a smaller-than-expected rise in holiday quarter same-store sales on Tuesday.

Shares of the company rose as much as 2.6 percent to $25 in early trading. (Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shailesh Kuber)

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