Thread regarding Macy's Inc. layoffs

Cancel a contract? Really!? Did you not ever read a contract, much less understand what a contract is. In most contracts as this there is a clause (not Santa Clause) that states the contract if cancelled pays a hearty fee. Most times all money will not be refunded.
Try to cancel your car loan- that is a contract.

Like said before, people would have respected them for putting people first insteadof🎆. However. I am sure the true termination numbers will be exposed.

Contracts!? With COVID it should be cancelled. Macy’s = Trump pretending everything is normal... putting media before people. NBC contracts are the problem. This company treats people like S$&@!

You can polish this t–d but leadership is just low class!

@vpf+15KBnw—>Well Said!

Macys has an exclusive broadcast contract with NBC. NBC pays macys for those rights. That's why its just the holiday parade on CBS. Their sponsors, companies cover the cost of their balloons etc. To be associated with our brand. Macys can not pay enough to remain a cultural entity/icon in the hearts of Americans and people world wide by being associated with these holidays. These events do more than any 60-30 second ods commercial.
We can all come up with 100 other ways to cut cost and we see it every day. With useless graphics instore, ink tagging merch that the shoplifters take off at home. Trend statements in INC that no one buys, (Sequin skulls and gold lamae pant suits) , an oversized 100 bra assortment in IA. Adding specials in the middle of a sale to make it the same price as using a pass and pissing off the customer. And let's not forget we can still redeem macys money up too 50% of our purchases coming directly from our bottom line

You have worked at Macy’s long enough to gauge the atmosphere of the employer. You chose to stay. There are other employers in the country and sometimes hard decisions must be made- feed the family or hang on to a hope that they will be lucrative. If you watched anything about the company you will know that the stores got progressively more old looking and some downright disgusting. This meant they could not afford to keep the maintenance up due to lack of cash flow. Also the stocks are a massive red flag - once around $70/share continually going in the wrong direction - down. Now near $6/ share. Even IF there was a good plan to recover COVID stopped that in its tracks.
The fireworks have been planned and most likely paid for at least a year out. Cancelling a contract or multiple ones would cost a lot more than $6mil.
Plus $6mil is nothing in the bucket of money for store overheads, and the cost of running over 500 stores!
As it has been posted many times here and on other boards- polish up your resume, job skills and education. Seek out careers, not jobs, that will be fulfilling and more lucrative. We all know retail of the past is dead, it is the final rattle that we are seeing.
COVID and technology have created a situation where malls and most stand alone stores will collapse in a heap.
The goal of a company is to make money. Without profit there is no company.
Again seek other options and be positive and use this as an opportunity to make a tough decision.

Definitely contract issues with NBC was considered. $6 million? I think that's a huge under estimation of what the contract is with NBC. Maybe the $6 mil is just the cost of renting the barges, fireworks and fireworks experts. Does anybody know the 30-second airtime charge for a beer commercial? The Macy's 4th of July Fireworks for at least 2 hours on NBC is way worth the cost of advertising. And, don't forget the celebrity entertainers, the set up crews, first responders, security, etc. Am I going to watch on Saturday? Nope, I haven't watched it for the past two years. I didn't even watch the Thanksgiving parade last November.

The firework show, much like the flower show and the Thanksgiving parade are CONTRACTED and PAID FOR months in advance. I understand the frustration to see this gross display while associates are still in limbo, but a contract is a contract. The NYPD has a team that specifically works with Macy's events. They paid contractors A YEAR AGO to produce fireworks, and technicians to plan it out. So what is the company going to do? Break more contracts and have to pay for services never rendered? Those companies have already spent/allocated those funds. The money spent wouldn't have been returned, so it is what it is, 2 days to July 4th. You should use this energy to pressure the EC give up their bonuses, that they paid themselves DURING this pandemic.
Hopefully this will make the company realize all these grand displays that are just money pits.

Do you think the company could have cancelled the contract for the fireworks even in April? My limited knowledge with contracts would lead me to think they could not.

So true, look at the companies who cares about their people....successful

The three p's for success in any business:

1. PEOPLE-The most important of the 3. Without good people (who are let go) processes and products are useles. Why let key people go who are hard working, knows the job inside and out to use novices.

Process-Developing and delivering effective processes creates a well run business. State of confusion does not work.

3. Profit-Great products are essential because people will not buy irrelevant products. CANNOT PUT PROFITS BEORE PEOPLE IT'S A RECIPE FOR DISASTER!