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Macy’s is laying off about 3.5% of its workforce, or roughly 2,350 employees, and closing five stores as it continues to shrink its massive retail business for the online shopping era.
Macy’s on Thursday said it will cut about 3.5% of its workforce and close five of its namesake mall locations as the legacy department store moves to trim costs and turn around slowing sales.
As of January 2016, Macy's had 770 stores in total. [54] On August 11, 2016, Macy's announced that it would close 100 stores in early 2017, [55] expecting to save $550 million a year and cut more than 10,000 jobs. Macy's claimed it would instead invest $250 million in digital business and growth strategies for the remaining stores. [56]
Macy's, Inc. (previously Federated Department Stores, Inc.) is an American holding company of department stores.Upon its establishment in 1929, Federated held ownership of the regional department store chains Abraham & Straus, Lazarus, Filene's, and Shillito's.
Macy’s has shown improved performance this year, beating pre-COVID-19 2019 performances. Polaris is Mac. Macy’s Inc. is raising its minimum wage to $15 across the organization and providing ...
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