Connecticut not affected by layoffs at Macy's - WFSB 3 Connecticut

Connecticut not affected by layoffs at Macy's

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No Connecticut stores will be affected by Macy's layoffs. No Connecticut stores will be affected by Macy's layoffs.
CINCINNATI (AP) -

Macy's Inc. is cutting 2,500 jobs as part of a reorganization to sustain its profitability.

The announcement comes on the heels of a strong holiday shopping season for the department store chain.

Macy's said Wednesday that it will reassign or transfer some workers and add some positions, leaving its workforce level at about 175,000.

The Cincinnati-based company plans to close five stores and open eight others, leaving it with 844 stores nationwide once the changes are complete.

No stores in Connecticut are affected, according to the company's media representative.

Macy's says the moves will save it $100 million per year and forecast a 2014 profit above Wall Street's forecasts.

The news sent its shares up 5.5 percent in after-hours trading.

Copyright 2014 WFSB (Meredith Corporation). The Associated Press contributed to this report. All rights reserved.

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