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
Home Depot, Inc. is set to open three new distribution centers in Georgia over the next 18 months, which is expected to create an additional 1,000 new jobs in Greater Atlanta, including full-time and part-time positions. The home improvement retailer has already created more than 5,000 new jobs in Georgia over the last five years. Shares of BMW AG were losing around 5 percent in German trading after the luxury car maker reported Wednesday a loss in its second quarter, compared to prior year's profit as demand was hit hard by coronavirus pandemic. Looking ahead, the company said it is cautiously optimistic for second half of the year, and reaffirmed fiscal 2020 outlook. Billionaire Richard Branson's Virgin Atlantic has filed for Chapter 15 bankruptcy protection in the United States after being hit hard by travel restrictions due to the coronavirus pandemic. The process is part of the British airline's restructuring plan as it is seeking a 1.2 billion pounds rescue deal in the U.K. The airline also filed a proceeding in the high court in London for its restructuri
Follow RTT