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After Macy's announced that it's slashing 2,500 jobs and closing five stores yesterday, its stock got a 6% bump. Apparently investors are into the retailer's proclaimed strategy of saving $100 million a year.
In yesterday's statement, Macy's number one head honcho Terry Lundgren said, "The actions being announced today reinforce our focus on continuous improvement in our M.O.M. strategies (My Macy's localization, Omnichannel integration and Magic Selling customer engagement) and will help us to maximize the impact of the exceptional talent we enjoy at every level of our organization."
While the company is keeping 175,000 associates, they're closing the following stores: Fiesta Mall in Mesa, Arizona; Metcalf South Shopping Center in Overland Park, Kansas; Jamestown Mall in Florissant, Missouri; Medley Centre in Irondequoit, New York; Fashion Place Mall in Murray, Utah.
· Macy's Slashing 2,500 Jobs In Effort To Save $100 Million Per Year [Forbes]
· New York Department Stores Agree to 'Customer Bill of Rights' [Racked]