Macy's announced it will be cutting 7,000 jobs, about 4 percent of the company's workforce, by May, but a spokeswoman says Minnesota employees are safe.
The company estimated that its cost-cutting will save $250 million this year and $400 million annually in the future. It is also slashing capital expenditures to $450 million from an original estimate of $1 billion, lowering contributions to employees' 401(k) plans and eliminating merit raises for executives this spring.The company is restructuring stores for better profits. The Mall of American location was one test store cited. Macy's began selling swimsuits year-round and now boasts some of the best swim sales in the country, the Post says.
Minnesota lucked out this round after a serious set of layoffs last year.
From the Associated Press:
A Macy's spokeswoman says no Minnesota jobs will be lost because of Monday's announcement.
A year ago, Macy's decided to close its regional headquarters in downtown Minneapolis and cut about 950 jobs. Those layoffs were part of a $150 million consolidation that eliminated 2,300 jobs nationwide.