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Macy’s Shares Soaring on Restructuring Plan and Forecast Upgrade

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Shares of Macy's, Inc. (NYSE:M) are trading higher this morning on a restructuring plan. The department store company will cut 2,500 jobs in order to maintain sales growth and profitability. As part of the restructuring plan, some stores will be closed or relocated. In addition, Macy’s will reduce the number of regions from eight to seven by combining its Midwest Region into their North Region. The new changes will take effect this year and it’s expected to save the company $100 million per year. Macys also raised their full-year earnings forecast for 2014  to a range of $3.80-$3.90, which is above analyst estimates.