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Macy's Planning to Lay Off Thousands of Workers

Macy's announces it's laying of 2,500 workers and closing five stores.
Macy's announces it's laying of 2,500 workers and closing five stores.

The move comes as part of a bigger shakeup at the department store operator.

The company estimates it still employs roughly 175,000 associates in more than 800 stores.

Eight new stores announced recently are still planned, despite the cutbacks.
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