Macy's is laying off 3,900 corporate workers

Macy's has said it will cut 3,900 corporate jobs, three percent of its total workforce, in a move to cut $365 million in costs this year and $630 million annually going forward. “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,” chief executive Jeff Gennette said in a statement. “We know that we will be a smaller company for the foreseeable future, and our cost base will continue to reflect that moving forward,” he said.