Macy’s to lay off 3,900 employees – Reuters

(Reuters) – Macy’s Inc (M.N) said on Thursday it would lay off about 3,900 employees in corporate and management positions as U.S. businesses try to save cash in the face of dwindling demand caused by the COVID-19 pandemic. The department store chain, which had about 123,000 employees at the end of January, said it expects…

Macy’s to lay off 3,900 employees – Reuters

(Reuters) – Macy’s Inc (M.N) said on Thursday it would lay off about 3,900 employees in corporate and management positions as U.S. businesses try to save cash in the face of dwindling demand caused by the COVID-19 pandemic. The department store chain, which had about 123,000 employees at the end of January, said it expects to save about $365 million in fiscal 2020 and about $630 million every year as a result of the layoffs. Macy’s had in May warned of nearly $1 billion in operating losses in its first quarter and said it would turn into a “smaller company”. The job cuts come at a time when u
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