Macy’s has announced that they will cut an estimated 3,900 corporate jobs. This is about 3% of their workforce.
The company claims these layoffs will save the company an estimated $365 million. The chain of department stores have struggled due to the COVID-19 pandemic and they have struggled in sales.
“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,” – Jeff Gennette – Chief Executive
