Macy's Plans To Cut 2,500 Jobs And Close Stores

American retailer Macy's plans to cut 2,500 jobs.

The department store giant plans to close five of its 800 stores, according to Bloomberg. The current workforce is 175,000 people.

CNBC reports that the lay-offs are part of a "cost-reduction plan."

Macy's has been largely immune to the issues plaguing competitors like JCPenney and Sears. Sales in the holiday season rose by a healthy 4.3% this year, beating the industry average of 2.4%, the company announced today.

Last month, Bloomberg called the retailer "unbeatable."

This is a breaking news story. We'll update as we get more information.