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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.

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