Announced Sunday, the deal will set the tax on goods imported into the United States from the European Union at 15 percent.
Macy’s to Lay Off 3,900 Employees Amid Restructuring
The department store chain is cutting costs as the effects of the COVID-19 pandemic weigh on its business.

New York—Macy’s Inc plans to lay off 3,900 corporate and management employees, or 3 percent of its workforce, as part of its restructuring plan, the company announced Thursday.
The department store chain is cutting costs after the COVID-19 pandemic took a toll on its business, forcing the temporary closure of its stores.
The retailer is expecting a 45 percent drop year-over-year in first-quarter net sales, per its preliminary quarterly results, with an operating loss surpassing $1 billion.
The layoffs are expected to save the company about $365 million in fiscal 2020 and about $630 million on an annualized basis.
The retailer announced its three-year turnaround plan, dubbed “Polaris,” in February, with plans to close stores and reduce its headcount as part of its strategy to promote profitability and growth.
“We know that we will be a smaller company for the foreseeable future, and our cost base will continue to reflect that moving forward,” said CEO Jeff Gennette in a press release.
The retailer closed stores March 18 and gradually began to reopen them May 4 as coronavirus-related restrictions eased.
Approximately 450 stores have reopened as of June 1.
“While the reopening of our stores is going well, we do anticipate a gradual recovery of business, and we are taking action to align our cost base with our anticipated lower sales,” said Gennette.
Macy’s has reduced staffing in its stores as well as through its supply chain and customer support network.
It will begin to bring more staff back to work the first week of July.
The retailer raised $4.5 billion in new financing earlier this month, making it “a more stable, flexible company,” said Gennette.
Macy’s will report its final first-quarter results July 1.
The Latest

A new edition of the Italian brand’s “Ipanema” collection has debuted with gemstones that evoke Brazil’s breathtaking views.

The jeweler’s largest store yet is set to open in Little Rock next fall.

As a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.

Anne Hathaway was seen wearing the toggle necklace three times while filming scenes for “The Devil Wears Prada 2.”


Jewellery & Gem World Hong Kong is scheduled for Sept. 15 to 21, and buyer pre-registration will be available until Sept. 7.

Renovations at Tiffany & Co. stores ate into profits in the company’s watch and jewelry division.

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

Mark and Candy Udell of London Jewelers will receive the honor at the 24th annual Gem Awards next March.

While struggles continue at the mining and trading end of the pipeline, consumer demand for diamond jewelry is holding steady.

The “Fantasia” jewelry collection turns the intaglio animals from her “Close Encounters” collection into 3D characters.

The special Classic Avi Chronograph 42 with an Eagles-green dial is limited to 59 pieces, a nod to the Super Bowl Philadelphia just won.

JSA has received reports of mobs swarming jewelry stores, driving cars into the storefront or smashing through the windows.

The “Kashmir” collection features centuries-old craft techniques made in collaboration with the region’s master papier-mâché artisans.

Creative Director Erica Bianchini shared why the jeweler is looking to expand into the U.S. and how it’s putting Canadian craftsmanship on the map.

Two Los Angeles Fire Department stations plan to use the donations to upgrade their equipment and tools.

Next week, the auction house will kick off a selling exhibition of jewelry by British artist Hannah Martin and Coldplay’s Guy Berryman.

“Stolen: Heist of the Century” is based on “Flawless,” the book about the middle-of-the-night theft, and will debut on Netflix in August.

Emmanuel Raheb shares the top five gifting moments outside of major holidays that jewelers should build marketing campaigns around.

The wholesale trade show’s Luxury Lifestyle section will showcase established and emerging jewelry designers.

The mid-year conference for jewelry and watch appraisers is slated for Aug. 9 to 10 on Zoom.

Graduated stones make for elevated tennis-style pieces and dramatic statement necklaces.

Nominations in the categories of Jewelry Design, Media Excellence, and Retail Innovation will be accepted through July 30.

He retired last month after 28 years traveling the world to source the very best gemstones for his family’s jewelry business, Oscar Heyman.

The charm necklace features six nautical charms of shells and coral that founder Christina Puchi collected on Florida’s beaches.

The organization elected its youngest vice president as it looks to draw in fresh talent.

Campbell joins the company as vice president of business development while Liebler is the new vice president of operations.