Macy's Announces 3.5% Workforce Reduction and Store Closures

Macy's plans to cut about 3.5% of its workforce, affecting approximately 2,350 positions, and close five of its namesake stores in early 2024 as part of a cost-trimming effort to address slowing sales and adapt to changing consumer needs. The move comes as the legacy department store prepares to deploy a new strategy to streamline its operations.