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Macy's Plans More Layoffs Due To Sales Drops

  • Fortune, Thursday, June 25, 2020 6:03 PM
Macy’s is cutting another 20% of its corporate workers due to continuing hits to its sales numbers thanks to fallout from the pandemic. “In its first fiscal quarter, when all of its stores were closed for six weeks, sales fell 45% and its operating loss was around $1 billion,” according to Fortune. “While the bulk of Macy's stores have reopened, and business is recovering gradually, the retailer's sales are not likely to return to year-ago levels anytime soon, pressuring the company to further rein in costs.”

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