The job cuts and store closures come as Macy's sales continued to slide during the critical holiday season. USA TODAY


Macy's is cutting approximately 3,900 corporate and management jobs as part of its restructuring to address the impact COVID-19 has had on sales, the department store chain announced Thursday.

The job cuts will save the company $630 million annually, the company said. Staffing at stores, the supply chain and the customer support network have also been reduced, but Macy's expects to adjust as sales recover.

"While the re-opening of our stores is going well, we do anticipate a gradual recovery of business, and we are taking action to align our cost base with our anticipated lower sales," Macy's Inc. Chairman and CEO Jeff Gennette said in a news release. “These were hard decisions as they impact many of our colleagues."

Save better, spend better:  Money tips and advice delivered right to your inbox. Sign up here

Groceries coming to Target same-day pickup: @KellyTyko

Read or Share this story: /story/money/2020/06/25/macys-job-cuts-coronavirus-covid-19-impact-store-closings/3256187001/