(Cincinnati, OH) -- Macy's says it plans to lay off about 2500 employees as part of a cost-cutting plan.
The retailer also announced it plans to close five stores. A Macy's press release says other employees will be reassigned with new duties or transferred.
The retailer says the changes will generate about $100 million per year. The planned store closings will be in Arizona, Kansas, Missouri, New York and Utah.
The Fiesta Mall location in Mesa is the only Arizona store closing.