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Macy's laying off thousands as part of cost reduction and organizational changes

Macy's says it's starting a series of cost reductions and organizational changes that will include laying off about 2,500 employees.  In a statement, the Cincinnati-based retailer says they'll be eligible for severance.  Other associates are being reassigned or transferred and the company says some open positions will not be filled. 

Macy's expects all the changes it's implementing to save about $100 million per year. 

Macy's is adding positions in other parts of the company, such as online operations, direct-to-consumer fulfillment and new stores, so the company expects its workforce will remain at about 175,000 associates.