Minn. safe from Macy's job cuts
More from theWashington Post
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.
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.
Get the This Week's Top Stories Newsletter
Every week we collect the latest news, music and arts stories — along with film and food reviews and the best things to do this week — so that you’ll never miss City Pages' biggest stories.
- Steven Timm charged with animal cruelty for harassing, drowning deer
- Cataclysmic boredom propels Stewart Mills into 2016 congressional race
- Man goes to meet prostitute with a trunk full of plastic and a giant empty suitcase