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Macy's Planning To Cut 3,900 Jobs

Video Credit: Wochit Tech - Duration: 00:27s - Published
Macy's Planning To Cut 3,900 Jobs

Macy's Planning To Cut 3,900 Jobs

Business Insider reports that Macy's is laying off about 3,900 corporate jobs.

The company said it expects the job cuts to lead to about $365 million in savings for the rest of fiscal year 2020.

It estimates the move will save $630 million in 2021.

"We know that we will be a smaller company for the foreseeable future.

"Our cost base will continue to reflect that moving forward," CEO Jeff Gennette said in a statement.


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