Macy's is planning to lay off approximately 2,350 employees, representing 3.5% of its overall workforce. The retailer will also close five store locations and relocate two furniture stores as part of streamlining efforts. The job cuts and store closures aim to help Macy's transition by implementing more automation in its supply chain. Macy's is looking to better adapt to changing retail environments and compete with rivals pursuing small-format stores. The company had previously announced plans to accelerate opening 30 smaller stores across the U.S.