M - Macy's Unveils Streamlined Strategy With Massive Lay Offs And Store Closures: Report | Benzinga
Macy’s Inc (NYSE:M) reportedly informed its employees about the decision to reduce 13% of its corporate workforce.
This action aligns with the company’s preparation to introduce a new strategy, which the incoming chief executive will oversee, The New York Times reported, citing memos seen by the media house.
The reductions account for approximately 2,350 positions, constituting around 3.5% of the company’s total workforce, encompassing Bloomingdale’s and Bluemercury subsidiaries, The New York Times added.
Additionally, the company announced the closure of five Macy’s stores out of its 560 locations.
The decisions outlined in the memos were ...