Macy’s Inc. will fire or relocate about 3,000 workers and explore options for its real estate after the largest U.S. department-store company suffered a worse holiday period than it expected.

The company is cutting staffing levels and shrinking its store count to match the lower sales volume, part of a plan to shave $400 million in annual expenses, according to a statement on Wednesday. The changes will affect three to four workers at each of about 770 Macy’s and Bloomingdale’s stores -- about 2 percent of its total workforce -- though half of those employees are expected to be offered other jobs. It’s also shutting 40 Macy’s locations, following through on an announcement in September.

http://www.bloomberg.com/news/articles/2016-01-06/macy-s-plans-to-slash-jobs-after-sales-tumble-more-than-forecast