Macy's: to make 3900 redundancies

(CercleFinance.com) - Macy's has announced details of a restructuring plan to reduce its cost base to offset the impact of the Covid-19 pandemic, including approximately 3,900 redundancies amongst management.


The actions announced today are expected to generate cost savings of around 365 million dollars for the current fiscal year and approximately 630 million dollars on an annualised basis, in addition to the savings disclosed last February.

For FY 2020, the department store group will record approximately 180 million dollars of pre-tax costs relating to its restructuring activities, the majority of which will be recorded in Q2.


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