By Lydia Stephens Macy’s, the 166 year old department store business, is set to cut 2,300 jobs and close five stores as it announces major changes to its business in the US. The cuts represent around 3.5% of its workforce, with the last day of employment for affected employees being January 26. The five stores set to close are in Arlington (Virginia), San Leandro (California), Lihue (Hawaii), Sim Valley (California) and Tallahassee (Florida). It is expected that the stores will close in the next couple of months. However, as the larger Macy’s stores close, 30 smaller stores will open instead. …