Macy's is restructuring to make up for the sales impact of COVID-19. The company is eliminating approximately 3,900 corporate roles and reducing staff across stores, supply chain and customer support.

At the same time, Macy's said that most of its remaining furloughed colleagues will return to work beginning July 5.

The company expects its new actions will save around 365 million in fiscal 2020 and 630 million dollars per year overall. Macy's will release its final first quarter earnings results on July 1.

“COVID-19 has significantly impacted our business. While the re-opening of our stores is going well, we do anticipate a gradual recovery of business, and we are taking action to align our cost base with our anticipated lower sales,” Jeff Gennette, chairman and chief executive officer, said in a statement.

“These were hard decisions as they impact many of our colleagues. I want to thank all of our colleagues – those who have been active and those on furlough – for helping us get through this difficult time, and I want to express my deep gratitude to the colleagues who are departing for their service and contributions.”

 

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