Macy’s Cuts 3,900 Corporate Jobs as Layoffs Hit Headquarters

Macy’s Inc. announced plans to slash thousands of back-office jobs in a striking admission that the reeling retail sector won’t be returning to the good old days anytime soon.

The restructuring, including the elimination of about 3,900 corporate and management jobs, is expected to save the company $365 million this fiscal year, then about $630 million a year going forward, it said in a statement.

Jeff Gennette

Photographer: Jeenah Moon/Bloomberg

“We know that we will be a smaller company for the foreseeable future, and our cost base will continue to reflect that moving forward,” Chief Executive Officer Jeff Gennette said.

Shares fell as ...