In a sweeping cost-cutting measure, Macy's is laying off 3% of its workforce, or 3,900 corporate jobs. The move will save Macy's an estimated $365 million in fiscal 2020. CEO Jeff Gennette said that the impact of the coronavirus would make Macy's a smaller company and that he expected the retailer to recover only gradually. In the meantime, Macy's is reducing its staff pending a sales lift.
“We know that we will be a smaller company for the foreseeable future, and our cost base will continue to reflect that moving forward.”