Business Insider reports that Macy's is laying off about 3,900 corporate jobs. The company said it expects the job cuts to lead to about $365 million in savings for the rest of fiscal year 2020. It estimates the move will save $630 million in 2021. "We know that we will be a smaller company for the foreseeable future. "Our cost base will continue to reflect that moving forward," CEO Jeff Gennette said in a statement.
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