Macy's to cut 3.5% of workforce, close five stores in cost-cutting push: WSJ

Investing.com -- Macy's (NYSE:M) will reportedly cut about 3.5% of its workforce and shutter five of its stores as the department store ramps up efforts to cut costs amid a difficult demand backdrop. 

The department store will cut about 2,350 jobs, The Wall Street journal reported, citing a memo sent to employees Thursday afternoon and people familiar with the situation.

“As we prepare to deploy a new strategy to meet the needs of an everchanging consumer and marketplace, we made the difficult decision to reduce our workforce by 3.5% to become a more streamlined company,” the company said in a statement, according to CNBC.

The news comes as the rumors continue to swirl about potential suitors eyeing a bid for the department store.

Private equity firm Sycamore Partners Management LP is reportedly weighing a bid for Macy's Inc., Women's Wear Daily reported, citing two sources.

Macy's was down 0.5% in afterhours trading following the news.