Macy’s is cutting about 3.5% of workforce, closing five stores

BLOOMBERG

Macy’s Inc is laying off about 3.5% of its workforce ahead of the departure of longtime Chief Executive Officer Jeff Gennette, as the department-store operator retrenches amid lower demand.
The company said the cuts include about 2,350 employees, mostly in corporate positions. It will also close five stores. The Wall Street Journal earlier reported the layoffs and store closures.
“As we prepare to deploy a new strategy to meet the needs of an ever-changing consumer and marketplace, we made the difficult decision to reduce our workforce,” a company spokesperson said in an email. The moves will help Macy’s “to become a more streamlined company.”