Macy's taking a dip as it was reported that they will be laying off more or less 4,000 employees. As per CNN Money, the department store's sales weren't that great during the holidays which mean that their employees would be affected as well.
As per the news website, Macy's announced their plans in letting go of some of their employees due to the fact that their sales decreased. In addition to the employees that were laid off, it was also stated that 3000 0f their sales employees would be affected with the decrease and some associates that were affected will be moved to a different position.
The department store hopes to cut cost at around $400 million in order for them to pull their numbers back up after their 2015 decrease. As of the website, their cost cutting strategy made an impact on the 4th quarter profits of the company by $200 million.
1,350 employees working at the service center and back office will also be affected by the company's "cost cutting" ordeal. Though some would end up jobless, some employees however will be transferred to a different department.
Not only are the sales and back office employees affected, but the higher management is affected as well, this being said, Macy's offered a "voluntary separation for their senior executives.
The company is said to have s problems in keeping their sales up late last month. Macy's stated that their sales for November and December dropped by 5%, with which the company wasn't able to reach their target.
As of the latest update, the company already released a list of 36 stores that are schedules to close by spring; three of which are from Los Angeles, Fort Worth, and Buffalo.
In addition to Macey's, Chesapeake Energy, Southwestern Energy, Consul Energy decreased in sales by -3%.
