NEW YORK - Retailer Macy's will lay off approximately 2,500 workers as it restructures its business, it said Wednesday afternoon.
The layoffs and other cost-saving changes are expected to to generate savings of about $100 million beginning this year, the company said in a press release.
"We have identified some specific areas where we can improve our efficiency without compromising our effectiveness in serving the evolving needs of our customers," said CEO Terry Lundgren in that press release.
The retailer will close five Macy's stores in early spring 2014. The stores that will close are in Fiesta Mall, Mesa, Ariz.; Metcalf South Shopping Center, Overland Park, Kansas; Jamestown Mall, Florissant, Mo., Medley Centre, Irondequoit, N.Y.; and Fashion Place Mall, Murray, Utah.
It will also combine its Midwest Region with its North Region to create a new North Central Region.
Company stock is up 5.2% to $54.52 per share, in after-hours trading.