April 23, 2024

A buyer exits the Macy’s flagship division retailer in midtown Manhattan in New York Metropolis, U.S., December 11, 2023. 

Brendan Mcdermid | Reuters

Macy’s on Thursday mentioned it is going to lower about 3.5% of its workforce and shut 5 of its namesake shops because the legacy division retailer strikes to trim prices and flip round slowing gross sales.

The transfer will have an effect on roughly 2,350 positions throughout its company workplace and shops, firm spokesman Chris Grams mentioned. The shops will shut in early 2024, he added.

“As we put together to deploy a brand new technique to satisfy the wants of an everchanging client and market, we made the troublesome resolution to cut back our workforce by 3.5% to turn out to be a extra streamlined firm,” the corporate mentioned in an announcement.

The information was first reported by The Wall Road Journal.

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