Macy’s will eliminate 3,900 jobs in the business during the restructuring

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Macy’s announced on Thursday that she would have to walk 3 900 jobs in the companies, or 3% of its total workforce, with the aim of reducing the costs because his business has been affected by the pandemic of sars coronavirus.The department store chain said that it expects to save about $ 365 million through the layoffs during the year 2020. She said it would save approximately 630 million dollars on an annualized basis.

In addition, macy’s said that it had reduced the number of staff in its stores, its supply chain and its network of customer support, which, according to it, will adjust to the extent that sales will rebound.

“While the re-opening of our stores is progressing well, we expect a gradual resumption of activities and we are taking steps to align our cost base with our lower sales “, said the chief executive officer, Jeff Gennette, said in a statement.

“We know that we will be a small business in the foreseeable future, and our cost base will continue to reflect this evolution,” he said.

Shares of Macy’s were down about 3% for the last time on the market before marketing.

Macy’s said in the year 2020 that it expects to spend approximately $ 180 million for these restructuring measures, the majority of which will be recorded in the second quarter.

The retailer is expected to publish its results for the first quarter on the 1st of July, after having already published its preliminary results. It had declared in late may that it expects to report an operating loss of $ 905 million in the first quarter to 1.11 billion, compared to net income of $ 203 million a year ago.

Shares of Macy’s were down about 60% this year.

This is the latest news. Please check for updates.

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