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Macy's to Lay Off 2,500 Employees

It's not all terrible news, though.
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Macy's, Inc. (which also owns Bloomingdale's) sent out two press releases Wednesday detailing its latest sales numbers, and what it plans to do to keep profits up in the new year.

One of those plans: Laying off a whole lot of employees. Two thousand, five-hundred of them, to be exact.

Macy's says the layoffs, in coordination with other cost-cutting initiatives, will save the retailer $100 million per year, beginning in 2014.

So what roles will be eliminated? Macy's obviously didn't outline all 2,500; but did say it would be "realigning, combining and reducing some positions in Macy’s stores" and "trimming certain central office, administrative and back-of-the-house expenses" including "reductions in workforce." However, the company says it's adding employees in its online operations and direct-to-consumer fulfillment departments, which makes sense, as the retailer has recently expressed interest in ramping up its "omnichannel" capabilities, i.e. in-store pickup of online orders.

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In more pleasant news, the retailer said it it had decent holiday season with comparable sales up 3.6 percent in the combined months of November and December, including e-commerce sales. Sounds like opening on Thanksgiving may have paid off. But we feel bad for the employees who worked that day, only to now get laid off :(.