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Macy’s plans to cut 360 senior executives

Published 11 December 2015

Department store chain Macy’s is planning to eliminate executive ranks by making a buyout offer to 360 senior executives across the US.

Macy's in San Francisco

The retailer is making a voluntary separation offer to the executives at central stores, office and support functions, who are meeting the age and service requirements.

According to the company, the move is expected to streamline business and reduce expenses, reports Cincinnati.com.

The terms of the offer will vary on individual basis on parameters such as rank and tenure. The executives who accept the offer are expected to quit the company in spring 2016.

Macy's is not sure about the number of employees who are likely to accept the offer until this winter. Macy's employs 20,000 people across the nation.

Macy's has had a tough run in 2015, with the value of stocks seeing a drop of 47% from a high of $72.80 earlier in July this year to $38.56 as on Thursday morning, reports Bizjournals.com.

Recently, the company undertook several measures to succeed in the holiday sale season. With more than 400 doorbuster deals offered during Black Friday weekend, Macy's shoppers found access to large savings across apparel, cosmetics and fragrances, home and more.

The company also entered into partnership with Luxottica Group to open LensCrafters optical retail outlets in around 500 of Macy's stores across the US over the next three years. The two companies have had a long collaboration which has facilitated the opening of around 670 Luxottica's Sunglass Hut in Macy's stores till now.

Image: Macy's to terminate senior executives. Photo: Courtesy of Coolcaesar at English Wikipedia.