Macy’s Inc.
American department store chain Macy’s, Inc. has announced a restructuring to address sales impact from the COVID-19 pandemic. The company will reduce corporate and management headcount by approximately 3,900. Additionally, Macy’s, Inc. has reduced staffing across its stores, supply chain and customer support network, which it will adjust as sales recover.
The restructuring measures have been undertaken as the company is impacted due to the closure of stores from March 18 through May 4, 2020 and gradual re-opening.
“COVID-19 has significantly impacted our business. While the re-opening of our stores is going well, we do anticipate a gradual recovery of the business, and we are taking action to align our cost base with our anticipated lower sales,” said Jeff Gennette, chairman and CEO, Macy’s, Inc. “These were hard decisions as they impact many of our colleagues. I want to thank all of our colleagues – those who have been active and those on furlough – for helping us get through this difficult time, and I want to express my deep gratitude to the colleagues who are departing for their service and contributions. We look forward to welcoming back many of our furloughed colleagues the first week of July.”
Macy’s expects that the restructuring measures will generate expense savings of approximately $365 million in fiscal 2020 and approximately $630 million on an annualised basis. These savings will be additive to the anticipated $1.5 billion in annual expense savings announced in February, which the company expects to fully realise by year-end 2022.
“We know that we will be a smaller company for the foreseeable future, and our cost base will continue to reflect that moving forward. Our lower cost base combined with the approximately $4.5 billion in new financing will also make us a more stable, flexible company,” Gennette added.
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