Macy’s (Cincinnati) is cutting 3900 management and corporate jobs, WWD reports. This comes as a move to save $365 million this year and roughly $630 million in expenses on an annual basis. The retailer has also cut staff across its stores, customer support network and supply chain, which it says will be adjusted as sales bounce back.
Macy’s had to temporarily close all of its locations beginning March 18, due to the COVID-19 pandemic, and begun reopening May 4.
Jeff Gennette, Chairman and CEO of Macy’s, said, “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 … These were hard decisions as they impact many of our colleagues. I want to thank all of our colleagues – those who have been active and those on furlough – for helping us get through this difficult time, and I want to express my deep gratitude to the colleagues who are departing for their service and contributions. We look forward to welcoming back many of our furloughed colleagues the first week of July.”