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Macy’s to slash 3,900 corporate jobs in restructuring

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A person looks into a closed Macy’s Inc. department store near Union Square in San Francisco, California, U.S., on Thursday, June 18, 2020.

Michael Short | Bloomberg | Getty Images

Macy’s announced Thursday it is cutting 3,900 corporate jobs — 3% of its total workforce — to reduce costs as it struggles with the effects of the coronavirus pandemic

The cuts represent about a fourth of Macy’s corporate workforce. 

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. 

Macy’s said it has reduced staffing across its stores, supply chain and customer support network,…



Source cnbc.com

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