Macy's to cut more than 2,300 jobs, about 3.5% of its workforce, and close five stores
Publishing timestamp: 2024-01-18 22:45:41
Summary
Macy's plans to cut about 3.5% of its workforce and close five of its mall locations in an effort to reduce costs and boost sales. The move comes as the company tries to transform itself into a brand that resonates with online shoppers and faces competition from e-commerce retailers like Amazon. Macy's is also overhauling its private-label brands and opening smaller shops outside of malls. The company's CEO, Jeff Gennette, will be replaced by Tony Spring, the CEO of Bloomingdale's. Macy's sales and stock performance have been lagging, and it is expected to report a decline in same-store sales for its fiscal 2023.
Sentiment: NEUTRAL
Tickers: M,
Keywords: breaking news: business, business news, retail industry, macy's inc,