Macy’s on Monday named a new president and announced a new merchandising strategy and a reduced headcount.
The company has restructured its merchandising efforts, folding merchandising, planning and private brands into one function, which will focus on five “families-of-business”: ready to wear, center core, beauty, men’s and kid’s, and home. Additionally, to make the team more efficient, Macy’s is strengthening its customer insights and data analytics with inventory replenishment and pricing capabilities.
The changes will result in about 100 job cuts. Macy’s anticipates the restructuring will save about $30 million annually and about $5 million in the fourth quarter of 2017. One time costs are expected to be between $20 and $25 million, which will be booked in the third quarter.
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