Stars adorned themselves in emeralds, platinum, and myriad bird motifs, writes Associate Editor Natalie Francisco.
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
M.S. Rau is set to open a seasonal gallery in the high-end resort town early next month.
The six designers, all participants in the show’s Diversity Action Council mentorship program, will exhibit in Salon 634.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
The highlight of his collection is the coveted Patek Philippe Grandmaster Chime, which could sell for up to $5 million.
The “Venetian Link” series modernizes the classic Veneziana box chain in its bracelets and necklaces.
The Seymour & Evelyn Holtzman Bench Scholarship will provide tuition assistance to two low-income students.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
The Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.
It will award a graduating high school student with about $10,000 toward a GIA diploma and an internship with the Seattle-based jeweler.
Wheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
PGI partnered with four new and seven returning designers for its annual platinum capsule collection.
Nicolosi, president and CEO of The Kingswood Company, previously sat on WJA’s board from 2011 to 2018.
Karina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
The men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
Concerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
May’s birthstone is beloved for its rich green hue and its versatility.
Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
The brand also created a 100-carat lab-grown diamond necklace in honor of its centennial.