On Tuesday, shares of department store Macy’s Inc. M are gaining, up over 4% in late-morning trading after the company announced a major restructuring plan that could be exactly what the struggling retailer needs.
Macy’s said it will be cutting 100 jobs as part of a consolidation plan to unite its merchandising, planning, and private brands operations into one department. The company also said the plan will save Macy’s an estimated $30 million a year, including roughly $5 million, or a penny per share, for the fourth quarter of 2017. But, the change will also mean one-time costs of approximately $20 million to $25 million, taking effect mostly in the third quarter, according to Macy’s.
The company has …
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