Macy’s Inc. announced a restructuring plan today that will see 3,900 corporate and management jobs slashed in an attempt to reduce costs as the effects of the CCP virus crisis continue to weigh on the business—an institution of U.S. retail. The company expects the cuts to result in savings of $365 million in 2020, or some $630 million in annual savings going forward.
Macy’s Inc. had around 123,000 employees at the end of January. The company said it would cut staff numbers at store level as well as in its supply chain and customer support networks, and would adjust these as sales recover.
