Macy’s plans to focus more on fine jewelry and several other categories, including beauty, shoes and dresses, as it seeks to increase profits, USA Today reports.
The company also plans to eliminate approximately 100 executive jobs.
The planned changes come after a “disappointing holiday season” for the retailer, USA Today notes.
Macy’s Chairman and CEO Jeff Gennette was quoted saying, “The steps we are announcing to further streamline our management structure will allow us to move faster, reduce costs and be more responsive to changing customer expectations.”
Through the job eliminations and other streamlining efforts, the company expects to save $100 million per year.
Advertisement
At the same time, the company continues to boost its digital platform, according to USA Today.
The company’s online sales have grown by double digits for 38 consecutive quarters.
Read more at the USA Today
