MACY’s Will Lay Off 2,350 Employees And Close 5 Stores

(CTN News) – Macy’s could lay off 2,350 employees and close five stores, according to the Wall Street Journal (WSJ). Macy’s will cut 3.5% of its overall workforce, not including seasonal hires, according to an internal memo sent to employees on Thursday.

We plan to fire 13% of our corporate staff and redirect the savings to improve our customer’s shopping experience.

The WSJ report also noted that Macy’s will automate its supply chain and outsource some roles.

A person familiar with the development said that the new investments will include adding more visual display managers and upgrading digital functions to streamline online shopping.

Macy’s President Tony Spring will replace Jeff Gennette as CEO in a month. In addition, investors have launched a bid for the department store chain for $5.8 billion.

We remain under pressure despite our strong and tangible progress over the last few years,” Mr Gennette wrote in the memo obtained by WSJ. A nearly a year-long consumer research study led to the move, he informed the employees.

Its portfolio also includes Bluemercury and Bloomingdale’s. There has been no official statement from Macy’s, but one is expected soon.

Macy’s has announced job cuts this year. After announcing layoffs in its Voice Assistant units, hardware teams responsible for Pixel, Nest, and Fitbit, advertising sales team, and augmented reality team last week, Google CEO Sundar Pichai warned employees to expect more job cuts.

Google CEO Sundar Pichai said the layoffs were aimed at simplifying execution and increasing velocity, according to The Verge.

So far in January, Google, Amazon, and other tech companies have laid off over 7,500 employees.

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