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Macy’s Cuts 3,900 Corporate Jobs In Cost Restructuring Effort

June 25, 2020


Macy’s will reduce its corporate and management headcount by approximately 3,900 people as part of a cost restructuring expected to save approximately $365 million in fiscal 2020 and $630 million on an annualized basis. Pre-tax costs of the restructuring, estimated at $180 million in cash, will be recorded during the company’s fiscal Q2.

“COVID-19 has significantly impacted our business,” said Jeff Gennette, Chairman and CEO of Macy’s in a statement. “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.”

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