A customer exits the Macy’s flagship department store in midtown Manhattan in New York City, U.S., December 11, 2023.
Brendan Mcdermid | Reuters
Macy’s on Thursday said it will cut about 3.5% of its workforce and close five of its namesake stores as the legacy department store moves to trim costs and turn around slowing sales.
The move will affect approximately 2,350 positions across its corporate office and stores, company spokesman Chris Grams said. The stores will close in early 2024, he added.
“As we prepare to deploy a new strategy to meet the needs of an everchanging consumer and marketplace, we made the difficult decision to reduce our workforce by 3.5% to become a more streamlined company,” the company said in a statement.
The news was first reported by The Wall Street Journal.
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