Macy’s to Lay Off 13% of Staff and Close 5 Stores to Cut Costs
Yesterday, the department store chain Macy’s announced plans to lay off around 13% of its staff and close five of its stores in an effort to reduce costs and optimize the company’s operations. The Wall Street Journal reported on this development, stating that the job cuts will total around 2,350 positions, which represents about 3.5% of Macy’s overall workforce.
In a statement sent to employees, Macy’s revealed that it plans to add more automation and outsource some functions, although the specific jobs to be subcontracted were not specified. The company also intends to reduce management levels to expedite decision-making processes.
The Wall Street Journal also reported that Macy’s plans to invest in consumer-focused areas, such as adding visual display managers to enhance store appearances and updating digital features for a more seamless online shopping experience.
As of early January 2023, Macy’s had 94,570 full- and part-time employees and 722 stores. This news comes as the retail industry continues to adapt to evolving consumer preferences and shopping habits.