As Americans shun malls in favor of online shopping, department stores like Macy's (M) have taken a hit.
Macy's revealed plans in January to lay off 2,500 workers and shut down five stores. The retail giant estimated those and other restructuring moves would save $100 million a year.
Wall Street applauded the belt tightening, driving Macy's shares nearly 8% higher the day after the announcement.
