RENEE MONTAGNE, HOST: NPR's business news starts with layoffs at Macy's.</s>RENEE MONTAGNE, HOST: Macy's has announced it's letting go 2,500 employees and closing five stores as part of a major reorganization. The company says it will save $100 million a year with the changes. It will also move hundreds of employees to its other department stores and to the company's online operation.</s>RENEE MONTAGNE, HOST: Word of the layoffs was good news on Wall Street. Macy's stocks rose over six percent in after-hours trading.
Macy's Inc. announced Wednesday that it is cutting 2,500 jobs as part of a reorganization. Other workers will be reassigned or transferred. The Cincinnati-based retailer also announced it will close five stores.