February 26, 2019
(Reuters) – Macy’s Inc on Tuesday announced a restructuring plan that would cut the complexity of its top management structure to speed up decision-making and reduce costs.
The retailer said it expects the move to yield annual expense savings of $100 million, starting fiscal 2019.
Macy’s also reported a smaller-than-expected rise in holiday quarter same-store sales on Tuesday.
Shares of the company rose as much as 2.6 percent to $25 in early trading.
(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shailesh Kuber)