Macy's announced it would lay off about 3,900 employees to help lighten the strain of falling sales
) said on Thursday it would lay off about 3,900 employees in corporate and management positions as U.S. businesses try to save cash in the face of dwindling demand caused by the COVID-19 pandemic.
Macy’s had in May warned of nearly $1 billion in operating losses in its first quarter and said it would turn into a “smaller company”. “Expect more layoffs akin to Macy’s to be announced in the coming months,” said Matt Fox, founder of Ithaca Wealth Management in New York.
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