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Retail News: Macy’s Announces Major Restructuring; 10K Jobs To Be Cut January 04, 2017 (0 comments)

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New York, NY—Macy’s announced a massive streamlining of its workforce, which will include the elimination of 17% of its management force. An article in Women’s Wear Daily says 6,200 management positions are being eliminated, and a total of more than 10,000 jobs—though none of those are customer-facing, according to the article.

Last summer the retailer announced plans to close 100 stores; 63 of those will shutter this spring and the remainder over the next few years, says WWD. It also will sell its iconic Minneapolis location.

Comparable sales dipped 2.1% in November and December—in a year when holiday sales have been strong for many retailers.

Jeff Gennette, Macy’s president, said the streamlining plan is not a knee-jerk reaction; it has been developed very carefully after examining every aspect of the business. He is set to succeed Terry Lundgren as CEO in the first quarter of 2017.

Read the full article here.

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