Department-store operator

Macy's

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plans to cut costs by further centralizing its operations, and could lay off hundreds, and possibly thousands, of workers, the

New York Post

reports, citing sources.

Macy's is expected to announce this week that it's consolidating its regional operating divisions, the

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Post

reports.

Macy's last year pared its regional divisions to four from seven, firing 2,550 workers in the process. The remaining four divisions may be collapsed into two that cover east and west, according to the newspaper.

Some insiders close to the company are betting CEO Terry Lundgren will do away with the company's regional structure altogether. That would give Macy's a centralized business model like its competitors, the

Post

reports.

The Bloomingdale's chain, owned by Macy's, isn't part of the consolidation effort.

This article was written by a staff member of TheStreet.com.