The fallout of the sales collapse at Macy’s brought on by the COVID-19 pandemic continued on Thursday as the department store chain announced thousands more job cuts.
Macy’s, the largest U.S. department store company, said it was eliminating some 3,900 salaried jobs, ranging from buyers to regional managers to administration, in addition to a previous round of layoffs in announced in February. The company is also trimming staffing at stores as it adjusts to a prolonged period of lower sales. In its first fiscal quarter, when all of its stores were closed for six weeks, sales fall 45% and its operating loss was around $1 billion. Macy’s will report full quarterly results next week.
