Macy’s sales are down and the retailer says they will begin restructuring, according to the Chicago Tribune:
Macy’s Inc. plans to eliminate the former Marshall Field’s headquarters in Minneapolis and cut more than 2,000 jobs as part of a move to consolidate regional offices and boost sales and cut costs.
In the closure, Macy’s North chairman and CEO Frank Guzzetta, 62, a former Field’s executive who has been focused on reviving the State Street flagship in Chicago, will retire in the spring as the division is melded into Macy’s East in New York.
The department store chain said the restructuring will eliminate about 2,550 workers and save about $100 million a year starting in 2009.
Macy’s same store sales were down 7.1 for the fiscal year and overall sales were down 28.4 in January.
UPDATE 1-Macy’s same-store sales down, plans job cuts [Reuters]
Macy’s to eliminate Marshall Field’s headquarters, consolidate regional offices [Chicago Tribune]