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From Home Furnishing Business

Macy’s to Cut 3,900 Jobs

In an effort to reduce costs, Macy’s has announced it is reducing its workforce 3% by cutting 3,900 corporate jobs, according to a report from CNBC.

The department store chain said it expects to save about $365 million through the layoffs in fiscal 2020. It said it will save roughly $630 million on an annualized basis. 

“While the re-opening of our stores is going well, we do anticipate a gradual recovery of business, and we are taking action to align our cost base with our anticipated lower sales,” said Jeff Gennette, chief executive. “We know that we will be a smaller company for the foreseeable future, and our cost base will continue to reflect that moving forward.” 

The retailer is one of many that have struggled through the Covid-19 crisis. Department store operators Neiman Marcus, J.C. Penney and Stage Stores each have filed for bankruptcy during the pandemic.

Read the full story here.

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