Poor holiday sales lead to cuts at Macy’s, more than 4,000 jobs slashed
- 8 years ago
The pink slips are flying at Macy’s following a holiday season clouded by warm weather.
The iconic department store announced plans on Wednesday to lay off about 4,350 employees across the country.
Macy’s said about 3,000 sales associates will be impacted, or about three to four per Macy’s and Bloomingdale’s location.
Another 1,350 employees in back office and service center positions will be impacted by the cost-cutting moves.
All told, Macy’s hopes to save about $400 million to help offset its “disappointing” 2015 results.
The company said sales in the critical November and December period slumped by a worse-than-expected 5%.
Like other retailers, Macy’s blamed the “historically warm weather” in northern climates.
Macy’s said about 80% of its sales declines can be attributed to shortfalls in cold-weather goods like coats, sweaters, hats, gloves and scarves.
The iconic department store announced plans on Wednesday to lay off about 4,350 employees across the country.
Macy’s said about 3,000 sales associates will be impacted, or about three to four per Macy’s and Bloomingdale’s location.
Another 1,350 employees in back office and service center positions will be impacted by the cost-cutting moves.
All told, Macy’s hopes to save about $400 million to help offset its “disappointing” 2015 results.
The company said sales in the critical November and December period slumped by a worse-than-expected 5%.
Like other retailers, Macy’s blamed the “historically warm weather” in northern climates.
Macy’s said about 80% of its sales declines can be attributed to shortfalls in cold-weather goods like coats, sweaters, hats, gloves and scarves.