13/9/2020 Weak demand prompts Macy's to cut 3,900 jobs in push to save cash | Reuters

NOW RE ADI NG Weak demand prompts Macy's to cut 3,900 jobs in push to save cash

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COMPANY NEWS
JUNE 25, 2020 / 7:24 AM / UPDATED 3 MONTHS AGO

Weak demand prompts Macy's to cut 3,900 jobs in push to

save cash

By Uday Sampath Kumar

(Reuters) - Macy's Inc M.N said on Thursday it would lay off about 3,900 employees in
corporate and management positions as U.S. businesses try to save cash in the face of
dwindling demand caused by the COVID-19 pandemic.

The department store chain, which had about 123,000 employees at the end of January, said it
expects to save about $365 million in fiscal 2020 and about $630 million every year as a result
of the layoffs.

Macy’s had in May warned of nearly $1 billion in operating losses in its first quarter and said it
would turn into a “smaller company”.

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13/9/2020 Weak demand prompts Macy's to cut 3,900 jobs in push to save cash | Reuters

NOW RE ADI NG Weak demand prompts Macy's to cut 3,900 jobs in push to save cash

Asian shares buoyed by coronavirus Japan's Suga poised to win party 'All gon
vaccine hopes race, headed for premiership burned

23 MINUTES AGO 28 MINUTES AGO AN HO

M
e
j

The job cuts come at a time when unemployment figures in the United States are already high.
Rising coronavirus infections in many U.S. states including California, Texas and Florida are
likely to hurt employment further as some people stay away from consumer-facing
establishments.

“Expect more layoffs akin to Macy’s to be announced in the coming months,” said Matt Fox,
founder of Ithaca Wealth Management in New York.

“Retailers that were struggling before the pandemic hit will re-evaluate their operations and
cut jobs out of necessity to stay afloat until the economy recovers.”

Macy’s said it has also reduced staffing at its stores, supply chains and customer support
network and would adjust their levels as sales recover.

The company, which reopened its flagship Manhattan store on Monday, said it would bring
back most of its remaining furloughed employees in the first week of July.

It expects the layoffs to result in pre-tax charges of about $180 million in fiscal 2020.

Macy’s shares were down about 2% in morning trading.

Reporting by Uday Sampath in Bengaluru; Editing by Ramakrishnan M. and Arun Koyyur

https://uk.reuters.com/article/us-macy-s-layoffs/macys-to-cut-3900-jobs-to-help-counter-covid-19-losses-idUKKBN23W1X5 2/8
13/9/2020 Weak demand prompts Macy's to cut 3,900 jobs in push to save cash | Reuters

NOW RE ADI NG Weak demand prompts Macy's to cut 3,900 jobs in push to save cash

Asian shares buoyed by coronavirus Japan's Suga poised to win party 'All gon
vaccine hopes race, headed for premiership burned

23 MINUTES AGO 28 MINUTES AGO AN HO

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