Kim Bhasin / Business Insider
The department store giant plans to close five of its 800 stores, according to Bloomberg. The current workforce is 175,000 people.
CNBC reports that the lay-offs are part of a "cost-reduction plan."
Macy's has been largely immune to the issues plaguing competitors like JCPenney and Sears. Sales in the holiday season rose by a healthy 4.3% this year, beating the industry average of 2.4%, the company announced today.
Last month, Bloomberg called the retailer "unbeatable."
This is a breaking news story. We'll update as we get more information.