MACY'S ANNOUNCES THOUSANDS OF JOB CUTS

Bad news from Macy's as it will be cutting up to 4,800 jobs and has slashed its profit outlook after a miserable holiday season.

The nation's largest department store chain, which also operates upscale Bloomingdale's, said about 2,110 of the job cuts will come from reducing staffing levels at stores, eliminating duplication(s) in back office operations and consolidating regional store groups. The remaining 2,710 job cuts will come from the store closings that Macy's announced last fall, says Macy's spokesman Jim Sluzewski.

As of Wednesday, Macy's had about 163,000 workers.
The moves, announced Wednesday, are part of Macy's ongoing campaign to make its operations more nimble to compete in a world where increasingly demanding shoppers are going back and forth between stores and their mobile devices. Analysts expect more retailers to reduce their store count after the holiday season that showed a surge in online spending but lower traffic counts to physical stores.