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".

Ryan Reynolds crashes the 'X-Men' charity reunion
Everyone might be in quarantine right now but that hasn't stopped Ryan Reynolds from trying to reunite with Hugh Jackman .

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.

Related News:

Most liked

Trump called his supporters racists great people
Senator Tim Scott , the only black Republican member of the Senate, was quick to denounce the president. "That's what I think". At one point in the video , a man in a golf cart adorned with Trump flags yells " white power " at anti-Trump demonstrators.

Iran issues arrest warrant for Trump over Qassem Soleimani killing
The notices cannot force countries to arrest or extradite suspects, but can put government leaders on the spot and limit suspects' travel.

Payoneer freezes all prepaid cards across globe after Wirecard insolvency
The cards can not now be used by customers in Ireland or overseas , until further notice. They said that customers' money was still safe, but would not be accessible for a time.

Thousands Tip Starbucks Worker Via GoFundMe
But some argue that the act of wearing a mask is political, and that wearing one violates their civil liberties. Gutierrez thought it was going to be an uneventful day until Amber Lyn Gilles walked in without a face mask on.

Victoria suffers 75 new cases of coronavirus in 24 hours
Mikakos also said a number of schools would be deep-cleaned, following staff or students testing positive. Victoria's Chief Health Officer, Brett Sutton , said that the second wave is "as big as the first".

Microsoft will not let you defer Windows 10 update downloads anymore
By hiding the deferral options, then conducting forced upgrades, Microsoft may be able to eliminate most such mistakes. However, there is a workaround, update deferral can be configured by business users of Windows 10 via group policies.

United Kingdom could lock down city of Leicester after virus surge
The Leicester area has identified 658 new Covid-19 cases in nearly two weeks since June 16. Leicester's population stands at around 340,000 people, according to official figures.

BET Awards kick off with strong performance by Chuck D, Nas
The three-hour event, which aired on CBS for the first time, was hosted by comedian, actress and TV personality Amanda Seales . Drake is the leading nominee: He's up for six honours, including video of the year and best male hip-hop artist.

Knifeman shot dead by police after Glasgow stabbing spree
In a statement on Twitter , assistant chief constable Steve Johnson said: "The individual who was shot by armed police has died". One witness, who gave his name as John, said he saw two receptionists stabbed in the hotel. "This is horrific.

Google's Mobile phone application will inform you why enterprises are contacting
And it is that the phone has blacklists, blocking of unknown numbers and even filters "spam" calls so that they do not bother us. Once this information is submitted, then only the call goes through, displaying all the relevant information in the process.

Remdesivir Becomes First Covid-19 Treatment Recommended for EU Authorization — Gilead Sciences
What is remdesivir?Remdesivir is an antiviral medication that is being investigated in several ongoing worldwide clinical studies. The agency cited remdesivir's positive results in clinical trials, which has shown the treatment to be safe and effective.

Gunman at Walmart distribution center was former employee
Police say a man drove into the centre in Red Bluff and started shooting at people, killing one and injuring four others. Authorities said they are still investigating a possible motive for the shooting but said they believe Lane acted alone.

More Starke, Marshall County Residents Test Positive for COVID-19
County, along with six other counties , to shut back down immediately in a bid to control the coronavirus' increasing spread. The county also reported a new high for hospitalizations Sunday, with 492 COVID-19 patients, 170 of them in intensive care.

PIA tries to allay global concerns over pilot licenses
The letter promised that the airline would remain compliant with all global aviation safety and regulatory standards. The PIA flies a number of worldwide routes, including to the United States and Europe.

Twitter flags another Trump tweet for violating its policy against abusive behaviour
It was also reported that they spray-painted "BHAZ", which stands for "Black House Autonomous Zone", on the columns of St. The decision appeared to be the first by Twitter against the president for an "abusive" tweet.