Adjusting to Uncertainty, Macy's Cuts its Costs To Sustain Business
In wake of the economic effects of the COVID-19 (coronavirus) pandemic, Macy’s Inc. (Macy's) revealed a restructuring plan in June of 2020 to address falling sales. The company announced that it would be eliminating roughly 3,900 corporate roles and that the remaining employees that it had previously furloughed would be returning to work beginning July 5, 2020. These actions have saved the company $630.0 million per year and combined with $4.5 billion in new financing, this plan will help to make the company more stable moving forward.
COVID|Discontinued ActivityIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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