Macy’s Inc. is cutting 3,900 corporate and management jobs.
Macy’s Inc. is cutting 3,900 corporate and management jobs to save $365 million this year and about $630 million in expenses on an annual basis going forward.
The latest cutbacks, revealed Thursday morning, represent a dramatic response to the impact of COVID-19. The company temporarily closed all of its stores on March 18 and gradually began reopening beginning May 4. Most remaining furloughed colleagues are due to begin returning to work July 5. “COVID-19 has significantly impacted our business. While the reopening 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, chairman and chief executive officer of Macy’s Inc. “These were hard decisions as they impact many of our colleagues.
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