Macy’s to lay off 3,900 employees

Stock Market
© Reuters. FILE PHOTO: FILE PHOTO: The R.H. Macy and Co.flagship department store is seen in midtown New York © Reuters. FILE PHOTO: FILE PHOTO: The R.H. Macy and Co.flagship department store is seen in midtown New York

(Reuters) – Macy’s Inc (N:) said on Thursday it would lay off about 3,900 employees in corporate and management positions to help lessen some of the financial strain of dwindling sales due to the COVID-19 pandemic.

Macy’s said it expects to save about $ 365 million from these layoffs in fiscal 2020.

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