Far be it from me to think that Macy’s would have job losses. Yet somehow, the department store is in hot water.
Following the announcement by Sears that it would close an additional 150 stores this year, Macy’s just announced in an effort to cut costs, the department store will be…restructuring.
In a restructuring that translates to about 6,2000 employee layoffs, the retailer is also cutting 68 stores by the end of the year. Apparently, there are more to come. Those extra layoffs will account for the other 3,900 retail employees, thus totaling roughly 10,000.
Macy’s estimates these moves will save about $550 million, which it plans to invest in digital efforts as well as the continued expansion of Bluemercury and Macy’s Backstage, its off-price chain.
Department stores have had continuous loss in sales and the recent closures of Macy’s proves it’s only going to continue to grow as the year progresses. What do ya’ll think?
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