Macy’s Consolidation Results in Layoffs of 7,000
A press release from Macy's today outlined a consolidation plan which call for 7,000 employee layoffs. About 40% of this figure represents an the elimination of executive positions, with the remainder of the job cuts occurring in retail locations and as a result of divisional office closures.
The latest job cuts, representing about 4 percent of its work force, will affect 40 percent of its executive positions, plus more than 5,000 jobs in its roughly 850 stores. This total includes approximately 1,200 positions being added to new My Macy’s districts and regions.
Macy's expects that the corporate restructuring will reduce expenses by about $400 million per year by 2010, and allow them to survive the tough economic climate which has seen numerous retailers shutter their doors and arrange similar restructuring plans.
Most Recommended Comment
Greece, Boston, Fla, Massachusetts, United States