Downsizing
Macy’s has joined the ever-expanding list of companies that are kicking the new year off with rounds of job cuts, with the iconic department store chain announcing some 2,350 roles, or ~3.5% of its total workforce, will be slashed by the end of January.
It isn’t just Macy’s headcount that’s getting a haircut either: the company also revealed plans to shut down 5 locations across the US in early 2024, as it looks to “deploy a new strategy to meet the needs of an ever-changing consumer and marketplace”. (Read: streamlining, automating, and digitizing the in-store experience as it continues its long-running efforts to keep up with online competitors).
The ~166-year-old chain is hoping that the cost- and space-cutting measures, as well as the guidance of a new incoming CEO, will help ease the mounting pressure brought about by activist investors who launched a $5.8bn attempt to take the company private last month.
