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☆ Dual Mission for Macy’s New Chief: Revive Stores and Fend Off Takeover
▼ + stars: | 2024-02-02 | by ( Jordyn Holman | Lauren Hirsch | ) www.nytimes.com time to read: +1 min

As he prepares to take the reins as Macy’s chief executive on Sunday, Tony Spring has a tall order: He must contend with the existential crisis that mall-based department stores are facing to try to stay relevant in an increasingly e-commerce world. In December, an investor group submitted a bid that would take Macy’s private at a value of $5.8 billion. Mr. Spring, 58, has spent his career at Macy’s high-end store group, Bloomingdale’s. He started as an executive trainee in 1987 and rose through the ranks to become chief executive in 2014. He turned the chain into a “scrappy incubator” for ideas that were eventually brought over to Macy’s stores.

Persons: Tony Spring Organizations: Arkhouse Management, Brigade Capital Management

☆ Here are Friday's biggest analyst calls: Nvidia, Apple, Meta, Amazon, Disney, Chipotle, Nike, Roblox, Costco & more
▼ + stars: | 2024-02-02 | by ( Michael Bloom | ) www.cnbc.com time to read: +4 min

Goldman Sachs reiterates Amazon as buy Goldman said it's sticking with its buy rating after the company's robust earnings report on Thursday. " Bank of America reiterates Apple as buy Bank of America said investors should keep buying shares of Apple after its earnings report on Thursday. "We are downgrading the shares to HOLD and lowering our price target to $7." Bank of America reiterates Roblox as buy Bank of America said it's bullish on the stock heading into earnings next week. " Citi reiterates Disney as buy Citi said it's standing by the stock heading into earnings next week. "

Persons: Morgan Stanley, Meta, Goldman Sachs, Goldman, Evercore, Oppenheimer, Baird, Wells, Roblox, it's bullish, Chipotle, it's Organizations: North America, Bank of America, Apple, Nvidia, Global Payments, Costco, Citi, Sea, Deutsche Bank downgrades New York Community Bancorp, Deutsche, New, Community Bancorp, Comerica, CMA, TFC, Barclays, Nike, Disney, UBS, ~$ $ Locations: North, China, Singapore, KeyCorp, F1Q23

☆ Trimble to buy back $800 million worth of shares, expand board following Jana investment
▼ + stars: | 2024-01-30 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Industrial technology company Trimble announced on Tuesday it would buy back up to $800 million worth of shares and add two directors to its board, just a few weeks after activist investor Jana Partners disclosed a stake in the company. Nersesian is the chairman and former CEO of Keysight , an equipment and software company. "We are thrilled to welcome Kara and Ron to our Board," Trimble CEO Rob Painter said in the release. Jana partner Kevin Galligan said the firm was "pleased" with the additions to the board and the expanded share buyback plan. Galligan also said that industrial concerns looking to grow their recurring revenue through software or technology might consider acquiring Trimble.

Persons: Trimble, Jana Partners, Ron Nersesian, Kara Sprague, Sprague, Kara, Ron, Rob Painter, Jana, Kevin Galligan, Galligan, Rob Organizations: Nginx, Bloomberg's, Trimble, Fidelity National Information Services, Qualcomm, Zendesk, 13D, Company Locations: Trimble

☆ I invest in real estate on the side. At first, I thought Airbnb was the way to go, but I prefer long-term rentals.
▼ + stars: | 2024-01-28 | by ( Dan Latu | ) www.businessinsider.com time to read: +5 min

I wanted to offset my mortgage and make extra income, so I immediately knew I would do Airbnb. I met some great people, but Airbnb guests can drive you crazyEven though we could pull in around $3,000 in revenue per month, I had many frustrations with Airbnb. I turned to long-term rentals, which I like moreAt the start of 2020, I moved to San Francisco for work. I realized really quickly I didn't like the city and didn't want to live there long-term. I'd tell someone thinking about Airbnb to first make sure they've done their research and the financials make sense.

Persons: Ursula Lauriston —, Meta —, I've, Airbnb, It's, I'm Organizations: Google, Meta, Business Locations: Haiti, Richmond, Anacostia, Washington, DC, Capitol Hill, San Francisco, didn't, Richmond , Virginia

☆ Arkhouse has financing in place for a Macy's take-private, managing partner Kahane says
▼ + stars: | 2024-01-25 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Arkhouse has the financing in place to take Macy's private at a bid of $5.8 billion, managing partner Gavriel Kahane told CNBC Thursday, but the activist investor has run into roadblocks without the department store retailer's cooperation on due diligence. Arkhouse has previously said it would take "all necessary steps" to acquire Macy's, including going directly to shareholders. Kahane's Arkhouse and Brigade Capital submitted an unsolicited bid to Macy's management in December to take the company private at $21 a share, a premium of more than 32%. Arkhouse also said it could raise its bid above the original $21-per-share offer, but only if the Macy's management was willing to sign a mutual non-disclosure agreement and permit diligence to begin. Macy's board rejected that offer on Sunday, saying in part that it believes it is "highly unlikely" Arkhouse and Brigade's proposed financing "could be successfully executed."

Persons: Arkhouse, Gavriel Kahane, Kahane, Kahane's Arkhouse, Macy's, Jeff Gennette Organizations: CNBC, Brigade Capital, Investment, Jefferies, Brigade

☆ Certainly not done with pursuit of Macy's acquisition, says Arkhouse's Kahane
▼ + stars: | 2024-01-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCertainly not done with pursuit of Macy's acquisition, says Arkhouse's KahaneGavriel Kahane, Arkhouse Management managing partner, joins 'Money Movers' to discuss what's next in Arkhouse's plans to take Macy's private, why Arkhouse and Brigade want to own Macy's in the first place, and more.

Persons: Arkhouse's Kahane Gavriel Kahane, what's, Arkhouse Organizations: Arkhouse Management, Brigade

Jeans are displayed at a Levi Strauss store in New York, March 19, 2019. Levi Strauss will lay off at least 10% of its global corporate workforce as part of a restructuring, the apparel retailer said Thursday. The job cuts will take place in the first half of the year, and could affect up to 15% of corporate employees, Levi's said. The company had more than 19,000 employees as of November, but it is unclear how much of that workforce is in corporate offices. Macy's and Wayfair both announced job cuts this month, as both older and newer retailers try to kickstart sales and boost profits.

Persons: Jeans, Levi Strauss, Levi's, Wayfair Organizations: LSEG Locations: New York

Facebook fired Kagan in 2006 after he leaked company information to the press at Coachella. "I didn't work too hard at Intel and I didn't spend a lot of money," Kagan says. Following his firing from Facebook, Kagan ran conferences for aspiring entrepreneurs (a hustle he had started while at Intel), taught English in South Korea and picked up consulting work for Silicon Valley tech firms. In addition to working on AppSumo, Kagan manages rental properties and creates content for his YouTube and social media channels. In addition to his AppSumo business and his book, Kagan operates a YouTube channel and manages five rental properties.

Persons: Noah Kagan, Kagan, Bill Gates, Kagan's, Facebook, Camila Ortega, He'd, Maria, didn't, hadn't, AppSumo, They'll, We've, everyone's, we've, Kagan didn't, wasn't, Rolexes, —, he's Organizations: CNBC, Microsoft, Facebook, University of California, Intel, Mint, Apple, PC, PayPal, Rolex, Entertainment, Insurance, Spotify, YouTube, AppSumo, Mazda Locations: Silicon Valley, Redmond , Washington, Barcelona, Austin , Texas, Berkeley, Israel, South Korea, Philippines, Argentina, Austin, Pakistan, AppSumo

☆ Retail CEO turnover soars, and fewer women hold top jobs in the industry
▼ + stars: | 2024-01-25 | by ( Courtney Reagan | ) www.cnbc.com time to read: +2 min

Last year, U.S. companies announced 55% more CEO changes than in 2022, according to outplacement firm Challenger, Gray & Christmas. Boards didn't want to make changes, CEOs themselves didn't want to leave. The retail industry in 2023 saw 52 CEO departures, its second-highest number since Challenger, Gray & Christmas started tracking them, and more than double the 21 CEO turnovers in 2022, according to the firm's data. It was below 2019's record 63 CEO departures in the industry. In Korn Ferry's separate analysis of retail CEO turnover in 2023, the executive recruitment firm found 57% of new chief executives named in the industry last year were already working for the company they will lead.

Persons: Michelle Gass, Levi Strauss, Macy's, Andy Challenger, Challenger, Korn Organizations: Kohls Corp, National Retail Federation Inc, Challenger Locations: New York, U.S

☆ A 61-year-old man sues Macy's, saying he was jailed and assaulted after being falsely identified as a store robber by facial recognition
▼ + stars: | 2024-01-24 | by ( Tom Carter | ) www.businessinsider.com time to read: +2 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewA 61-year-old man is suing Macy's and the parent company of Sunglass Hut over the use of facial recognition tech that mistook him for an armed robber. This story is available exclusively to Business Insider subscribers. AdvertisementThe use of facial recognition technology in retail stores has come under growing scrutiny in recent years and fuelled fears that it may lead to more cases of mistaken arrests . Macy's and EssilorLuxottica did not immediately respond to a request for comment from Business Insider, made outside normal working hours.

Persons: —, Macy's, Harvey Murphy Jr, , Murphy, EssilorLuxottica Organizations: Service, Business, Washington Post, Federal Trade Commission Locations: Sunglass, Macy's, Sacramento

It said China plans to tap offshore funds held by Chinese state-owned enterprises and also local funds. Elsewhere in Asia, South Korea's Kospi rose 0.6% to 2,478.61 and Australia's S&P/ASX 200 added 0.5% to 7,514.90. ADM also said it expects to report profit for the full year of 2023 that’s below what analysts were forecasting. That in turn has relaxed the pressure considerably on the stock market and helped it to rip higher. In other trading, U.S. benchmark crude oil rose 9 cents to $74.85 per barrel in electronic trading on the New York Mercantile Exchange.

Persons: Seng, Tan Boon Heng, “, ” Tan, Sunoco, Archer Daniels Midland, Tesla Organizations: Bloomberg, Mizuho Bank, Nikkei, Bank of Japan, U.S ., Dow Jones, Nasdaq, Technologies, NuStar Energy, ADM, American Airlines, Intel, Procter, Gamble, Federal Reserve, Treasury, New York Mercantile Exchange, Brent Locations: BANGKOK, Asia, Hong Kong, Shanghai, Beijing, China, South, U.S

☆ 'Maestro' is obvious Oscars bait, but that doesn't make it a good movie
▼ + stars: | 2024-01-23 | by ( ) www.businessinsider.com time to read: +4 min

Directed by Bradley Cooper and starring Cooper and Carey Mulligan, "Maestro" is gunning for major awards. Here's why "Maestro" fails as Oscar bait. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . What I mean by that is that "Maestro," from the very jump, is aware of its own artistry and impact. Carey Mulligan as Felicia Montealegre and Bradley Cooper as Leonard Bernstein in "Maestro."

Persons: Bradley Cooper, Cooper, Carey Mulligan, gunning, Maestro, —, Leonard Bernstein, Felicia Montealegre, Bernstein, wistfully, Montealegre, it's, Mulligan, Oscar Organizations: Service, Netflix Locations: New York City

☆ Texas man sues Macy’s and Sunglass Hut parent over wrongful arrest linked to facial recognition
▼ + stars: | 2024-01-23 | by ( Brian Fung | ) edition.cnn.com time to read: +6 min

CNN —A Texas man is suing Macy’s and the parent company of Sunglass Hut after the two companies allegedly relied on error-prone facial recognition technology to falsely accuse him of armed robbery. “They were misled by Sunglass Hut and Macy’s and the reason why Murphy was jailed is because of the actions of these companies. In 2020, the American Civil Liberties Union challenged Detroit’s police department over what the group described as the first known wrongful arrest involving facial recognition. Facial recognition concernsFor years, civil liberties and privacy experts have warned of the risks of overly casual facial recognition use or an overreliance on the technology, and the possibility that algorithmic bias could lead to misidentification, racial discrimination or other unintended consequences. The FTC has similarly moved to restrict Instagram-parent Meta from using facial recognition technology, which Meta has challenged in court.

Persons: CNN —, Macy’s, Harvey Murphy Jr, Murphy’s, Murphy, ”, Daniel Dutko, “, EssilorLuxottica didn’t, EssilorLuxottica, Dutko, ” Dutko, Sunglass, “ We’re, they’re, ‘ We’ve, Meta Organizations: CNN, The Washington Post, Houston police, Department of Motor Vehicles, Houston, American Civil Liberties Union, Office, Federal Trade Commission, Aid, FTC Locations: Texas, Sunglass, Harris County, Houston, Sacramento , California, Harris, EssilorLuxottica, Michigan, Detroit

☆ Stocks making the biggest moves premarket: Macy's, Boeing, Archer-Daniels-Midland and more
▼ + stars: | 2024-01-22 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Macy's – Shares of the department store giant added 2% in premarket trading after the company over the weekend rejected a $5.8 billion proposal by Arkhouse Management and partner Brigade Capital Management to take the retailer private. Boeing — The airline stock slid 1.8% after the U.S. Federal Aviation Administration recommended operators visually inspect the mid-exit door plugs of Boeing 737-900ER aircraft, which are similar to the ones grounded after the Alaska Airlines flight emergency. Archer-Daniels-Midland – Shares slid nearly 12% after the food processor placed CFO Vikram Luthar on administrative leave amid an investigation into some accounting practices and issued fourth-quarter earnings guidance that fell below prior expectations. Spirit Airlines , JetBlue Airways — The airlines said Friday that they plan to appeal a federal judge's ruling that blocks their planed merger. Spirit Airlines added about 1% before the bell, while JetBlue Airways slipped 0.8%.

Persons: Macy's, Vikram Luthar, Goldman Sachs, Riley, Morgan Stanley, Oppenheimer, —, — CNBC's Pia Singh, Sarah Min, Tanaya Macheel, Lisa Kailai Han Organizations: Arkhouse Management, Brigade Capital Management, Boeing, U.S . Federal Aviation Administration, Alaska Airlines, Daniels, Midland, Bloomberg, U.S . Securities, Exchange Commission, Spirit Airlines, JetBlue Airways Locations: Brazil

☆ Macy’s rejects a $5.8 billion unsolicited takeover offer
▼ + stars: | 2024-01-22 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Macy’s has rejected a $5.8 billion offer to take the 165-year-old retailer private, announcing late Sunday that the “unsolicited proposal lacks compelling value.”Last month, Arkhouse Management, a real estate-focused investing firm, and Brigade Capital Management, a global asset manager, offered to buy the remaining Macy’s shares it doesn’t own at a 32% premium. The company first opened in 1858 and now operates about 500 Macy’s branded stores, as well as 55 of the more upscale Bloomingdale’s chain. Macy’s has attempted numerous strategies in recent years to revitalize its business, such as new brands and smaller stores, but the moves have not altered its long-term trajectory. Its stock price has dropped 75% from a peak of $73 a share in 2015. Since then, it has closed nearly 300 stores — almost one-third — leaving about 700 across its brands.

Persons: New York CNN — Macy’s, “, ”, Jeff Gennette, ” Arkhouse, Arkhouse, ” Macy’s, Macy’s, CNN’s Nathaniel Meyersohn Organizations: New, New York CNN, Arkhouse Management, Brigade Capital Management, Brigade Locations: New York

☆ Macy’s Rejects Takeover Bid, but Remains ‘Open to Opportunities’
▼ + stars: | 2024-01-22 | by ( Lauren Hirsch | More About Lauren Hirsch | ) www.nytimes.com time to read: 1 min

The retailer Macy’s rejected a $5.8 billion takeover bid late Sunday that valued the struggling department store chain at roughly 20 percent above its closing share price on Friday, but suggested it was “open to opportunities.”The bidders, Arkhouse Management and Brigade Capital, are seeking to acquire Macy’s stock they do not already own at $21 a share and have threatened to take the offer to shareholders. With a potential hostile bid looming, questions are rising over how Arkhouse and Brigade could pull off a deal and whether additional suitors could appear, potentially setting off a bidding war. In a statement released Sunday night, Macy’s board questioned whether the investment firms had the money to finance the deal, which it said “lacks compelling value.” It noted that the bid was accompanied by a letter with “numerous” untraditional stipulations.

Persons: Macy’s Organizations: Arkhouse Management, Brigade

Macy's is rejecting a $5.8 billion takeover offer from investment firms Arkhouse Management and Brigade Capital Management, saying they didn't provide a viable financing plan. Arkhouse and Brigade offered $21 per share for the stock they don't already own. Last week Macy's Inc. said that it was laying off about 3.5% of its total headcount, or approximately 2,350 employees. “We continue to be open to opportunities that are in the best interests of the company and all of our shareholders.” Tony Spring takes over as president and CEO of Macy's next month. Political Cartoons View All 253 ImagesShares rose more than 2% to $18.09 before the market open on Monday.

Persons: Macy's, ” Jeff Gennette, “, Tony Spring Organizations: Arkhouse Management, Brigade Capital Management, Brigade, Macy’s Inc Locations: Arkhouse, Macy's

☆ Dow closes above 38,000 for first time
▼ + stars: | 2024-01-22 | by ( Krystal Hur | ) edition.cnn.com time to read: +1 min

New York CNN —Stocks gained on Monday, building on last week’s gangbusters rally, with the Dow crossing the 38,000 mark for the first time ever. The S&P 500 gained 0.2% and the Nasdaq Composite added 0.3%. The S&P 500 also closed at an all-time high, reaching 4,850.43. The S&P 500 on Friday entered bull market territory, rallying more than 20% off its lows and hitting a new record. JetBlue shares gained 0.2%.

Persons: New York CNN — Stocks, Macy, Archer Organizations: New, New York CNN —, Dow, Nasdaq, Arkhouse Management, Brigade Capital Management, Spirit Airlines, JetBlue, Daniels, Midland Locations: New York

☆ Shein and Temu use a loophole to ship millions of packages to the US tax-free. Here's why the tax rule faces increased scrutiny.
▼ + stars: | 2024-01-22 | by ( Madeline Stone | ) www.businessinsider.com time to read: +9 min

The other bill, from Sen. Bill Cassidy and Sen. Tammy Baldwin, would ban de minimis shipments from China. The provision is more likely to change — a prospect that both Shein and Temu have said they support. Jennifer Ortakales Dawkins/InsiderShipping consultancy ShipMatrix estimates that Shein and Temu each ship more than a million packages to the US daily. It added that almost 50% of all de minimis shipments to the US come from China. Related stories"Changes to the exemption could create a paradigm shift for retailers like Temu and Shein," Bank of America analysts wrote in the note.

Persons: minimis, Earl Blumenauer, Russia —, Bill Cassidy, Sen, Tammy Baldwin, Cassidy, Baldwin, Jay Sole, It's, Jennifer Ortakales Dawkins, Shein's, Temu, Shein, Donald Tang, SHEIN, de minimis, they've, Steve Story, Sole, Satish Jindel, ShipMatrix, Jindel Organizations: Business, Customs, Rep, Bank of America, US Chamber of Commerce, Express, UBS, Pinduoduo Holdings, Goods, Shipping, Chinese Communist Party, China . Shipping, Wired, Shein, American Apparel and Footwear Association, Apex Logistics International, Walmart Locations: Xinjiang, China, Russia, Sen, Singapore, Boston, minimis, United States, mstone@insider.com

☆ Stocks making the biggest moves midday: Vita Coco, Archer-Daniels-Midland, Gilead Sciences and more
▼ + stars: | 2024-01-22 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

Archer-Daniels-Midland — The food processor's shares dropped more than 22%, making the stock poised for its second worst day in its history back to 1972. Archer-Daniels-Midland announced weak fourth-quarter earnings guidance and placed Chief Financial Officer Vikram Luthar on administrative leave amid an investigation into the company's accounting practices. StoneCo — Shares of the Brazilian payments company rose more than 6% following an upgrade to a buy rating from Goldman Sachs. The financial firm cited an attractive entry point and a constructive outlook on the next freight cycle as catalysts for the change. Vita Coco — The coconut water company tumbled more than 5% after William Blair downgraded shares to market perform from outperform.

Persons: Archer, Vikram Luthar, Goldman Sachs, Trodelvy, Bernstein, Hunt, Gus Richard, Coco, William Blair, — CNBC's Michelle Fox, Alexander Harring, Hakyung Kim, Tanaya Macheel, Pia Singh, Samantha Subin Organizations: Arkhouse Management, Brigade Capital Management, Daniels, Midland, SolarEdge Technologies, Riley, Bloomberg, U.S . Securities, Exchange Commission, Spirit Airlines, JetBlue Airways —, JetBlue, Gilead Sciences, . Union Pacific, Norfolk Southern, UBS, Northland Capital Markets Locations: Brazil, Norfolk, Suez

☆ Wayfair to lay off 13% of workforce, impacting 1,650 employees
▼ + stars: | 2024-01-19 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +2 min

Wayfair is cutting 13% of its global workforce as the digital home goods retailer looks to trim down its structure, cut out layers of management and reduce costs, it announced Friday. The company plans to lay off around 1,650 employees, including 19% of its corporate team, with a focus on people in management and leadership positions, the company said. The restructuring – the third Wayfair has implemented since summer 2022 – is expected to save the company about $280 million, it said. The layoffs come after Hasbro , Etsy and Macy's all announced cuts to their workforces as retailers contend with slowing demand and an uncertain economy. As a result, Wayfair has needed to make cuts to ensure its staffing levels are proportionate to how much business it's doing.

Persons: –, Niraj Shah, Macy's, Wayfair Organizations: New York Stock Exchange, Hasbro, Etsy

The Davos consensus on the presidential electionPublicly, the global business leaders who gathered at the World Economic Forum in Davos, Switzerland, haven’t wanted to predict the winner of the upcoming U.S. presidential election. In an interview with Andrew on CNBC, he didn’t predict that Trump would win, but suggested that dismissing the former president and his supporters would be a mistake. “He wasn’t wrong about some of these critical issues, and that’s why they’re voting for him,” he said. “Trump is already the president at Davos — which is a good thing because the Davos consensus is usually wrong,” Alex Soros, the son of George Soros, said on a panel. A little history: The Davos consensus was that Hillary Clinton would beat Trump in 2016.

Persons: haven’t, Donald Trump, DealBook, Trump, Jamie Dimon, JPMorgan Chase, Andrew, “, ” Dimon, ”, MAGA, bode, “ Trump, ” Alex Soros, George Soros, Hillary Clinton, Sting, Biden, It’s, Reddit, Macy’s, Tony Spring, Warren Buffett, Morningstar Organizations: Economic, JPMorgan, CNBC, Trump, NATO, Biden, Trump’s Republican, Davos, Apple Watch, Reuters, Investors Locations: Davos, Switzerland, U.S, China, American, Indonesia, E.S.G

Online furniture seller Wayfair is cutting about 1,650 jobs, or 13% of its global workforce. Wayfair announced its latest job cuts Friday. Political Cartoons View All 253 ImagesFriday’s job cuts are expected to bring annualized cost savings of more than $280 million, Wayfair said. The Wall Street Journal first reported on Macy's layoffs and planned store closures Thursday, citing an internal memo and people familiar with the situation. Job cuts have taken a toll on workers across various industries — including retail, tech, media and hospitality — over the last few years.

Persons: Niraj Shah, ”, Wayfair, Macy's Organizations: —, Wayfair, Associated Press, New, Macy's Inc, Street Journal, Google, Hasbro, LinkedIn Locations: New York, Arlington , Virginia, Ballston, Leandro , California, Lihue, Hawaii, Simi Valley , California, Simi Valley, Tallahassee , Florida

☆ Macy’s is laying off workers and closing five stores
▼ + stars: | 2024-01-18 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +5 min

David McLane/NY Daily News Archive/Getty Images The first Macy's store, on New York's Sixth Avenue, is seen circa 1880. New York Times Co./Hulton Archive/Getty Images Workers sort parcels at a Macy's store circa 1942. Fritz Goro/The LIFE Picture Collection/Shutterstock Women show dolls to children at a Macy's store around Christmas in 1942. Fred Morgan/NY Daily News Archive/Getty Images The Radio City Rockettes march in the Macy's Thanksgiving Day Parade in 1966. Amy Sussman/AP Images for Macy's This Macy's store in West Palm Beach, Florida, was one of dozens of stores that the company announced it would be closing in 2017.

Persons: David McLane, Santa Claus, Fritz Goro, Bernard Hoffman, Rita Hayworth's, Nina Leen, Fred Morgan, Paul DeMaria, Jean, Erick Pasquier, Monica Almeida, Chris Hondros, Timothy Fadek, Andrew Craft, Eric Thayer, Eduardo Munoz, Andrew Kelly, Amy Sussman, Joe Raedle, Charles Krupa, Gary Hershorn, Macy’s Organizations: New, New York CNN — Veteran, CNN, Street Journal, Commerce Department, NY, The New, Historical Society, of Congress, Santa, Bettmann, . New York Times Co, Hulton, Getty, Keystone, Herald, Macy, City, Workers, Fayetteville Observer, USA, Reuters Shoppers, Reuters, Saxon Middle School Choir, Downtown Burlington High School, Corbis Locations: New York, ., France, Fayetteville , North Carolina, Bay Shore , New York, West Palm Beach , Florida, Burlington , Vermont, New York City, Santa Claus

☆ Macy’s Plans to Cut 2,350 Jobs and Close 5 Stores
▼ + stars: | 2024-01-18 | by ( Jordyn Holman | More About Jordyn Holman | ) www.nytimes.com time to read: +1 min

Macy’s, the country’s largest department store operator, told employees Thursday that it was laying off 13 percent of its corporate work force. The move comes as the company prepares to unveil a new strategy that its incoming chief executive will oversee. The cuts amount to roughly 2,350 jobs, or about 3.5 percent of the company’s overall work force, which includes employees at the subsidiaries Bloomingdale’s and Bluemercury. The company also said it would close five of its more than 560 Macy’s stores. Tony Spring will take over as Macy’s chief executive next month from Jeff Gennette, a company veteran who is retiring after holding the post since 2017.

Persons: Tony Spring, Jeff Gennette, Adrian Mitchell Organizations: The New York Times, Wall Street, Mr

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