Macy’s Inc.
American department store chain Macy’s, Inc. has announced a restructuring to address sales impact from the COVID-19 pandemic. The company will reduce corporate and management headcount by approximately 3,900. Additionally, Macy’s, Inc. has reduced staffing across its stores, supply chain and customer support network, which it will adjust as sales recover.
The restructuring measures have been undertaken as the company is impacted due to the closure of stores from March 18 through May 4, 2020 and gradual re-opening.
“COVID-19 has significantly impacted our business. While the re-opening of our stores is going well, we do anticipate a gradual recovery of the business, and we are taking action to align our cost base with our anticipated lower sales,” said Jeff Gennette, chairman and CEO, Macy’s, Inc. “These were hard decisions as they impact many of our colleagues. I want to thank all of our colleagues – those who have been active and those on furlough – for helping us get through this difficult time, and I want to express my deep gratitude to the colleagues who are departing for their service and contributions. We look forward to welcoming back many of our furloughed colleagues the first week of July.”
Macy’s expects that the restructuring measures will generate expense savings of approximately $365 million in fiscal 2020 and approximately $630 million on an annualised basis. These savings will be additive to the anticipated $1.5 billion in annual expense savings announced in February, which the company expects to fully realise by year-end 2022.
“We know that we will be a smaller company for the foreseeable future, and our cost base will continue to reflect that moving forward. Our lower cost base combined with the approximately $4.5 billion in new financing will also make us a more stable, flexible company,” Gennette added.
For all the latest retail news from the Middle East, follow us on Twitter and LinkedIn, like us on Facebook and subscribe to our YouTube page.
Watsons to open 20 new stores in the GCC
In 2020, global health & beauty retailer AS Watson Group signed its
April 29, 2024 | By Rupkatha BAsda and Deliverect Deepen Partnership to Power Rapid Delivery Across Asda Express
SQUATWOLF’s Kuwait Flagship Store Anchors Its Regional Growth Ambitions
Global beauty icon Ulta Beauty to make Riyadh debut at Panorama Mall
/ 
For decades, Haldiram’s built deep recall across the UAE through its packaged
When House of Habanero opened its first physical location at Alserkal Avenue
Union Coop has completed a significant expansion of its Hatta Souq branch,
Saudi Arabia is set to welcome U.S. food exporters this week, as
Majid Al Futtaim has officially entered the discount retail segment with the
As convenience increasingly becomes currency in the region’s grocery landscape, Union Coop
As wellness becomes a lifestyle in the UAE, the grocery aisle is
Grandiose, one of the leading grocery retailers in the UAE with a
With shifting consumer behaviour, rising cost pressures, regulatory changes, and rapid digitization,
Union Coop’s blend of retail expansion, digital innovation, and community focus is
Abu Dhabi-based MAIR Group has marked a pivotal stage in its transformation
In a move that blurs the line between shopping and investing, Apparel
/ 
Why cinemas, wellness sanctuaries and cultural districts are becoming emotional infrastructure for
From bullion to boutiques, investment to immersion, Dubai Gold District marks a
As lives accelerate and time fragments, shoppers no longer separate “eating” from
The Inspired Home Show 2025 concluded with positive momentum, reinforcing its position
NRF Vice President of Education Strategy Susan Reda forecasts 2025’s retail trends
64 global leaders in retail will share their insights on shaping the
NRF 2025: Discussing biometrics, computer vision and more with leaders from H&M,
The Dubai Duty Free (DDF) has recorded sales of $1.94 billion up
In what comes as a significant announcement, Middle East based eyewear majors
Emirati Gen Z women are seeking collaborative, culturally diverse and creatively enriching
GMG’s Everyday Goods – Retail division celebrates expansion milestone hitting 60 stores
Previous Article
