Merchandising

Macy's slicing workforce in wake of COVID-19

Photo by istock.com

June 30, 2020

The ongoing coronavirus is a major reason department store chain Macy's is planning to cut 3,900 corporate jobs as part of a restructuring effort.

The number, according to a CNBC report, reflects 3% of the retailer's workforce and should reap about $365 million in savings.

"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," CEO Jeff Gennette said in a statement, according to CNBC. "We know that we will be a smaller company for the foreseeable future, and our cost base will continue to reflect that moving forward."