Macy's expects $300M savings from cost management activities
The company said, "The company is taking actions intended to continue improvements in organizational efficiency and to allocate resources to support its growth strategy. Major components of these restructuring activities include: Staffing adjustments across the stores organization with reductions in some stores and increases in others; Further streamlining in some non-store functions; and, Closure of 11 stores in early 2018. The company expects annual expense savings of $300M from these actions beginning in fiscal-year 2018, which it intends to reinvest in the business. Also associated with these actions, the company anticipates one-time charges of approximately $160M, or approximately 33c per share, to be booked in the fourth quarter of 2017 for restructuring activities, asset impairment, store closings and other costs.