According to a Reuters report on Wednesday, January 8, Macy’s has plans to cut approximately 2,500 jobs in an effort to save $100 million annually. The money-saving plans will mean the loss of jobs for many and relocations for others. The report on Reuters explains that Macy’s plans on eliminating one of its eight markets by combining its Midwest regions with its North regions. Macy’s Midwest includes the St. Louis stores.
The decision is in an effort to continue growing profits, and according to a Macy's Press Release, is all part of their "M.O.M" program. Macy’s chairman, president and chief executive officer, Terry J. Lundgren explained that "M.O.M" stands for My Macy’s localization, Omnichannel integration and Magic Selling customer engagement. Lundgren said it “will help us to maximize the impact of the exceptional talent we enjoy at every level of our organization.”
The major retailer is famous and spotlighted on the Macy’s Thanksgiving Day Parade held in New York City every year and is the back drop for the classic Christmas movie, “Miracle on 34th Street”.
St. Louis Macy’s stores were once known by locals as Famous Barr until Macy’s bought the Famous Barr brand, including the downtown store which has since closed entirely. St. Louis Post Dispatch reported in May, 2013, that the downtown closure would eliminate 95 area jobs.
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