Macy's To Lay Off 2,500 Workers

CHICAGO (CBS) — Macy's department stores announced Wednesday that it will lay off 2,500 workers as the company plans to restructure its business.

Macy's has nine stores in the Chicago area, including the flagship store on State Street in the Loop.

It was not clear if any of the layoffs will affect workers in the Chicago area.

The company plans to restructure some divisions and cut some management positions as well has some front-line store positions.

Macy's also plans to close five stores, but none in Illinois, Indiana or Wisconsin.

The company expects the restructuring will save the company $100 million in 2014.