From Dow Jones & Company:

Macy’s Inc. is cutting 2,350 jobs and closing five stores in an effort to reduce expenses and meet changing consumer demands. This amounts to 13% of corporate staff and 3.5% overall. The department store plans to invest in areas that impact consumers, such as enhancing the look of stores and upgrading digital functions. This comes amidst an uneven retail landscape, with higher prices for groceries hindering consumer spending. The changes also coincide with Macy’s President Tony Spring preparing to succeed the outgoing CEO and facing a nearly $6 billion takeover bid. Shares of Macy’s were up 0.2% after hours on Thursday.



Read more: Macy’s to lay off 13% of corporate staff, close five stores