Cincinnati retailer Macy’s Inc. to slash 3,900 corporate-level jobs

Macy's is cutting roughly 4,000 back-office and management jobs as COVID-19 continues to hurt its bottom line

Photo (c) J. Michael Jones - Getty ImagesIn an effort to mitigate the financial toll of the coronavirus pandemic, Macy's is cutting almost 4,000 corporate and management jobs, or around 3 percent of its workforce.

The COVID-19 pandemic has led to a number of bankruptcy filings in the retail sector.

The retailer will also reduce its workforce throughout its stores, supply chain, and customer support network because of a dip in sales because of the coronavirus pandemic.

The department store chain said the job cuts will allow it to align its costs as it recovers from the impact of the pandemic. "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 Gennette reported. "These were hard decisions as they impact many of our colleagues".

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Gennette thanked his departing colleagues for their service to the company, as well as those who had continued working during the lockdown and those still on furlough.

The company, which reopened its flagship Manhattan store on Monday, said it would bring back most of its remaining furloughed employees in the first week of July. 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.

For fiscal 2020, the company expects pre-tax costs of approximately $180 million for these restructuring activities, the majority of which will be recorded in the second quarter and all of which will be in cash. The company comprises three retail brands, Macy's, Bloomingdale's and Bluemercury.

"Expect more layoffs akin to Macy's to be announced in the coming months", said Matt Fox, founder of Ithaca Wealth Management in NY.

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