Macy's job cuts is next when it comes to big company cost cutting measures. Macy's Inc. overestimated 2014 forecast earning by Wall Street estimates. Their new plan to remedy the financial struggle is to designed to save $100 million annually, according to a Reuters report published Jan. 8
The report stated that this meant Macy's job cuts will result in cutting 2,500 jobs as part of its restructuring plans. In addition to that, some stores will be relocated and combining the department store's Midwest region with its North region. This will reduce the eight regions the retailer has down to seven.
Macy's spokesman Jim Sluzewski claims that the job cuts will include a "small number of positions" in New York City. The Bronx will see some additions of Bloomingdale's and Macy's stores in the area.
The Macy's job cuts headline is just another reminder that there are still battles for large companies to make a good profit out there. It is good news that some replacements will be made in light of the job cuts.