Plus   Neg

Macy's To Reduce Approx. 3,900 Positions

Macy's, Inc. (M) announced the company will reduce corporate and management headcount by approximately 3,900 due to the impact of Covid-19. The company has reduced staffing across its stores portfolio, supply chain and customer support network, which it will adjust as
sales recover.

Macy's expects the announced restructuring to generate expense savings of approximately $365 million in fiscal 2020 and approximately $630 million on an annualized basis.

For fiscal 2020, the company expects pre-tax costs of approximately $180 million for the restructuring activities, the majority of which will be recorded in the second quarter.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Polaris Industries Inc. recalled about 15,800 units of Off-Road and Utility Vehicles in North America for possible crash hazard, according to a statement issued by the U.S. Consumer Product Safety Commission. There were also an additional 711 units sold in Canada. AstraZeneca's efforts to supply Covid-19 vaccine doses from its Italian unit to Australia has been blocked by the European Union and the Italian Government, citing Australia being non-vulnerable region and delays in domestic supply, among others. Italy's proposal to deny AstraZeneca's request for authorization to export COVID-19 vaccines was subsequently approved by the European Commission. Chipotle Mexican Grill, Inc. is teaming with e.l.f. Cosmetics to launch a limited edition beauty collection on March 10, aiming to support plant-based lifestyles and responsibly-sourced products. The e.l.f. x Chipotle makeup collection will comprise cruelty-free and vegan products inspired by Chipotle's responsibly-raised food.
Follow RTT