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