Thread regarding Macy's Inc. layoffs

From the announcement -"I am confident Polaris remains the right strategy. However, we are examining all aspects of the strategy to determine where we accelerate, where we continue but with an adjusted focus, and where we pause initiatives. "
What is the significance of Polaris?

Meaning-
The reason Polaris is so important is that the axis of Earth is pointed almost directly at it. During the course of the night, Polaris does not rise or set but remains in very nearly the same spot above the northern horizon year-round while the other stars circle around it.

Time to change this strategy and direction. No one is looking up to this company anymore and no one is circling around it. The light has been out for years!!!

This is what stood out to me in the email-"Colleagues who are impacted by this reduction will be communicated to today by their leader." If there were leaders who were trained to be effective maybe, just maybe, despite the Covid-19 issues the company would have a leg to stand on. Survey your stores and think about your leadership, is it the best it could be. If not, they failed!!!
What are the traits of an effective leader?

7 Traits of Highly Effective Leaders
inspire action.
be optimistic.
have integrity.
support and facilitate your team.
have confidence.
communicate.
be decisive

I'm in MTech, got the call and was laid off

No news yet. Part time associate still on furlough.

Just got the call got laid off they said severance info will be on insite later

MBA position seems like it is AST/AYS and staffing looking at the job description. I assume all associates will report to the MBA and all AST supervisor jobs will be eliminated. Job Description: ]The Manager, Business Administration leads the essential activities and colleagues that drive At Your Service and Stores business processes that allow Macy’s Stores to successfully run. The role focuses on establishing Customer Service standards for the At Your Service destination in stores, as well as human resources functions, such as interviewing, hiring, staffing and scheduling to ensure the Store runs smoothly. Additionally, this position handles store operations and administrative functions such as budgets and cash office functions. Performs other duties as assigned.

• 3,900 Corporate jobs cut = Will save MACYS Inc $365 M in annual fixed cost (salaries)
• Mr Gennette will receive 120% of his bonus
• Summation: 'Leadership' that lacks vision and a complacent HR department that just adds insult to injury. Three months ago, Moody's Investors Service downgraded the company to junk. Company just announced it will delay fiscal 2019 401k company match that employee's should be paid in MAR 2020 until NOV 2020

I just got the call. Oh well..,. I was looking for a job when I found this one. Everyone I know that for out of Macy’s is much happier.

I'm so sorry to hear that, that's really rough. Where you on one of the big calls, or did you get a personal call?

Corp here, after 10 years I got the call, I am free. First time I heard from anyone from Macy’s in 3 months.

Apparently severance will be paid, details to follow.

Have a great Summer everyone!

MBA position is AST/AYS combined with possibly DMET- my store manager says she doesn’t think Dmet will return.

Has anyone heard from their leader? Are they offering a package?

"MyDay has shown up in my Insite. No schedule but I can change availability inAugust so I guess that means I am. Not getting laid off"

Has nothing to do with whether you are laid off or not. System just hasn't had any of these terminations processed yet.

MyDay has shown up in my Insite. No schedule but I can change availability inAugust so I guess that means I am. Not getting laid off

"As you've heard me say before, Macy's, Inc. will emerge from this crisis as a smaller, more leveraged company."

Yup, and he'll keep saying it...more debt and fewer stores/staff to sell product means Macy's finds itself in a death spiral. It's like maxing your credit cards after you take a 50% pay cut at your job...

Will these folks receive severance?

Check your email- To: All Macy s, Inc. colleagues
From: Jeff Gennette, Chairman & CEO
Important Business Update
Dear colleagues,
I have significant updates to share with you today. But first, I want to express my gratitude for your dedication throughout this crisis. Whether you were working in our distribution centers or call centers, getting our stores up and running again, helping to manage the business from home, or remaining engaged with the business while on furlough thank you.
It is also important to acknowledge that we have been through a lot over the past few months. Earlier in the year, we announced our Polaris strategy which included major structural changes across the organization. At the time, I was confident that these changes positioned our business for success. Then, a month later, the COVID-19 pandemic hit. And with that, everything changed. Our business has been impacted in ways we could never have imagined. Our focus immediately shifted to the safety of our colleagues and customers as well as the survival of our Company. Our stores closed which was unprecedented in Macy s history. The majority of our colleagues were furloughed. Many of us were required to shelter in place.
Our attention then shifted to:
Cutting our weekly cash burn rate including significantly reducing payroll through the furlough process
Refinancing for liquidity which gave us the flexibility we need, but also means we re more leveraged (in debt)
And today, we are taking action to get our cost base aligned with our anticipated sales
While the store re-openings are going well, we do expect this to be a gradual recovery. Because of the unprecedented and ongoing business and operational impact of the COVID-19 pandemic, every area of the business is making the necessary reductions that will enable the company to endure the continuing economic headwinds.
These changes align the organization and our resources with the realities of the business today.
As you ve heard me say before, Macy s, Inc. will emerge from this crisis as a smaller, more leveraged company. We are reducing our corporate and support headcount by approximately 3,900 and taking reductions in staffing across the stores portfolio.
Colleagues who are impacted by this reduction will be communicated to today by their leader. All colleagues will receive an IN-SITE message as well letting you know of your status. The last day for those departing will be June 30. Colleagues coming back from furlough will begin to do so starting the week of July 5.
We are saying goodbye to many valued colleagues and good friends. I want to thank each impacted colleague for the contributions they have made to the company. For those who have been on furlough since April, thank you for your commitment during an incredibly challenging time. And for the colleagues who have been working with us through this crisis, know that you have my utmost gratitude for all of your work and dedication.
While the past three months have been stressful as we navigated the unknown in our personal and professional lives, I can look back and say that, as a business, we ve come out stronger. As we re-open our doors, we have the strength and agility to respond successfully to ongoing uncertainty. We are more connected. We ve secured our finances. Our .com business is performing well. We re smarter about our business needs and our customers needs.
I am confident Polaris remains the right strategy. However, we are examining all aspects of the strategy to determine where we accelerate, where we continue but with an adjusted focus, and where we pause initiatives. Today you will hear from your leaders about specific changes in your teams and how we will work together moving forward. We have also created a microsite for more information where you can read about various functional changes.
We have a hard road ahead of us. But Macy s, Inc. is a company worth fighting for. I recognize that it will be difficult to adjust to this new normal, but I ask that we all stay focused and work together. Because I know if we do, we will come back, stronger than ever.
With respect,
Jeff

so far no number for in store colleagues being let go

The company will reduce corporate and management headcount by approximately 3,900.

Actions announced today anticipated to create approximately $630 million per year in savings

Eliminates approximately 3,900 corporate and management roles and is committed to maintaining a lower cost base

Most remaining furloughed colleagues returning to work beginning July 5, 2020