Daily News
From Home Furnishing Business
Macy’s to Cut 3,900 Jobs
June 26,
2020 by Laurie Northington in Business Strategy, Industry 
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.
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