Macy’s tech chief sheds light on the hundreds of layoffs announced this week in a letter to employees

This story requires our BI Prime membership. To read the full article, simply click here to claim your deal and get access to all exclusive Business Insider PRIME content. Macy’s announced a three-year plan to turn around its business on Tuesday. This included the closure of over 100 Macy’s stores, its HQ in Cincinnati, and…

Macy’s tech chief sheds light on the hundreds of layoffs announced this week in a letter to employees

This story requires our BI Prime membership. To read the full article,

simply click here to claim your deal and get access to all exclusive Business Insider PRIME content.

Macy’s announced a three-year plan to turn around its business on Tuesday. This included the closure of over 100 Macy’s stores, its HQ in Cincinnati, and three of its tech offices, impacting hundreds of jobs. In a letter emailed to tech employees on Tuesday, the company’s CTO Naveen Krishna laid out forthcoming plans for his division. Employees that were laid off this week were told that they could apply for new jobs at its offices in Atlanta. The letter confirms that there will be 500 new jobs on offer in Atlanta, meaning that many of these workers won’t have the opportunity to stay on. Visit Business Insider’s homepage for more stories.

Macy’s announced a three-year plan to turn around its business on Tuesday, ahead of its annual investor day on February 5.Dubbed “Polaris,” the new plan is aimed at cutting costs and driving growth to generate gross savings of $1.5 billion annually by 2022. To do so, it said it would close over 100 Macy’s stores, its HQ in Cincinnati, and three of its tech offices, impacting 2,000 corporate jobs.In an email sent to employees on Tuesday and obtained by Business Insider, the company’s CTO Naveen Krishna laid out the forthcoming plans for his department. A spokesperson for Macy’s did not immediately respond to Business Insider’s request for further comment. “Our goal is to have modern technology tools and platforms with lower total cost of ownership and higher productivity. In the coming months, we will empower our front-line colleagues with tools to make their jobs easier. We will modernize our technology platforms to support growth and profitability initiatives, and simplify infrastructure to reduce costs,” he wrote. He continued: “To get
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