05 Jan Why Macy’s Will Slash More Than 10,000 Jobs This Spring
Pressured by unrelentingly lackluster store traffic, Macy’s Inc. announced today its plans to cut 10,100 jobs across its dwindling portfolio of stores.
Following up on plans announced in August — when the retailer said it would close 100 of its 730 stores over the next few years and shift more resources online — Macy’s said that it expects to save $550 million, beginning this year, as a result of its massive streamlining.
Of the 10,100 planned cuts, 6,200 positions are in management, while 3,900 workers are expected to be displaced when the company closes 63 Macy’s stores this spring. (The 63 stores are a part of the 100 closures announced in August.)