Macy's Inc said on Thursday it would lay off about 3,900 employees in corporate and management positions as US businesses try to save cash in the face of dwindling demand caused by the COVID-19 pandemic.
"COVID-19 has significantly impacted our business".
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The department store chain said it expected to save about $365 million through the layoffs in fiscal 2020. "When the re-opening of our retailers is going well, we do anticipate a gradual recovery of organization, and we are having motion to align our price base with our anticipated lessen product sales", Macy's Chairman and Chief Government Jeff Gennettereported. "These were being challenging decisions as they affect numerous of our colleagues". The savings are in addition to the anticipated $1.5 billion in annual expense savings Macy's announced in February, which it expects to fully realize by year-end 2022. I want to thank all of our colleagues - those who have been active and those on furlough - for helping us get through this hard time, and I want to express my deep gratitude to the colleagues who are departing for their service and contributions.
Macy's said as far as retail workers go - it plans to bring back most of those furloughed in the first week of July.
According to Gennette, Macy's expects to be a "smaller company for the foreseeable future" and these changes will allow it to be "a more stable, flexible company".
To compound the company's recent difficulties, a number of the group's stores-including Macy's flagship store on Herald Square in New York-were damaged by looting in early June.
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