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Macy's to close 5 stores but none in Hawaii

By Star-Advertiser & Associated Press

LAST UPDATED: 11:59 a.m. HST, Jan 8, 2014

Macy's announced plans today to lay off about 2,500 employees and close some underperforming mainland stores to cut costs.

No Hawaii stores are listed among the locations being shuttered.

The announcement comes on the heels of a strong holiday shopping season for the department store chain.  

Macy's said it will reassign or transfer some workers and add some positions, leaving its workforce level at about 175,000.  

The Cincinnati-based company plans to close five stores and open eight others, leaving it with 844 stores nationwide once the changes are complete. 

Macy's says the moves will save it $100 million a year and forecast a 2014 profit above Wall Street's forecasts. 

The news sent its shares up 5.5 percent in after-hours trading.

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