Macy's Will Cut Thousands Of Jobs To Trim Costs

(CBS DETROIT) - Macy's announced Wednesday it will cut thousands of jobs as part of restructuring to trim costs and reverse what it called "disappointing 2015 sales and earnings."

With the overhaul, Macy's expects to reduce expenses by about $400 million annually.

The store will cut about 3,000 associate jobs; the St. Louis call center is will close which accounts for 750 of the job cuts.

Some of those employees will be moved to other jobs, while some will be given a chance to leave voluntarily.

The are 770 existing stores and Macy's will close 36 early this spring. Macy's closed four stores late last year.