The American department store chain Macy’s is going to cut down the upper management in order to save costs. Macy’s reported this when announcing results, without revealing concrete figures about possible job losses.
According to Macy’s, the step must be to help streamline the business and make it more efficient. The intervention must result in an annual saving of 100 million dollars. In connection with the reorganization, Macy’s posted a charge of 80 million dollars in the results for 2018.
Turnover came to nearly $ 25 billion last year, almost stable compared to 2017. Net profit dropped to $ 1.1 billion, from nearly $ 1.6 billion a year earlier.