Macy's cutting 3,900 corporate jobs as part of restructuring due to COVID-19 impact on sales

Macy's is cutting approximately 3,900 corporate and management jobs as part of its restructuring to address the impact COVID-19 has had on sales, the department store chain announced Thursday.

The job cuts will save the company $630 million annually, the company said. Staffing at stores, the supply chain and the customer support network have also been reduced, but Macy's expects to adjust as sales recover.

"While the re-opening 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," Macy's Inc. Chairman and CEO Jeff Gennette said in a news release. “These were hard decisions as they impact many of our colleagues."

Gennette said the company will start bringing back many of its furloughed employees during the first week of July.

https://finance.yahoo.com/news/macys-cutting-3-900-corporate-130658017.html