(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.