Macy’s (NYSE:M) layoffs are a hot topic on Friday after the retailer announced plans to cut a large number of jobs and close some stores.
According to recent reports, Macy’s is planning to cut 2,350 jobs and close down five of its stores. The layoffs are going to affect 13% of its corporate workers and 3.5% of its total workforce.
These Macy’s layoffs are coming as the retail company seeks to streamline operations. Doing so will speed up its business while also saving the retailer money. That’s due to plans to strip layers of management from its operations. The company is also reportedly planning to outsource some of the cut jobs.
Macy’s Joins Layoffs Trend
Macy’s is far from the only company that has been laying off employees recently. Several major corporations have announced job cuts to reduce costs. That comes amid a tough economy with increased inflation and interest rates.
Considering the ongoing layoffs that have been announced, we’re likely to see more companies join the trend in the coming weeks. That comes as they seek to realign workforces following the start of a new year.
M stock is up slightly as of Friday morning.
Investors looking for all of the latest stock market news are in the right place!
We have the biggest stock market stories worth reading about on Friday! A few examples include what’s happening with Wayfair (NYSE:W) layoffs, as well as why shares of Esperion Therapeutics (NASDAQ:ESPR) and iRobot (NASDAQ:IRBT) stock are down today. You can catch up on these matters at the links below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
