Macy’s Will Eliminate More than 4,500 Jobs, Layoffs

 

Capping a disappointing holiday season, Macy’s (M) will eliminate more than 4,500 positions as part of a Macy's announces layoffs, lists 36 store closuresrestructuring plan to turn around the department store’s slumping sales, the company said Wednesday.

Citing the need for more efficiency and productivity, Macy’s plans to make several cuts across its stores, offices and a call center, including eliminating an average of three to four positions at each of approximately 770 Macy’s and Bloomingdale’s stores. About 3,000 associates will be affected, but Macy’s said roughly half are expected to be placed in other positions.

An additional 600 back-office positions will be eliminated as well, with about 150 people being reassigned elsewhere; Macy’s will also offer a “voluntary separation opportunity” to roughly 165 senior executives who meet certain age and service requirements. The total number of layoffs, discounting those expected to be reassigned, is more than 2,100.

Macy's announces layoffs, lists 36 store closuresMacy’s shares, which are down more than 50% from their 2015 high, jumped 4.8% in after-hours trading after the news came out.

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