Thread regarding Macy's Inc. layoffs

It won’t make any difference....

There are quite a few great posts on this page now... Some are thoughtful, some are emotional and some are a bit of both. The post directed to Jeff and Danielle is well written and I have no doubt it felt good to have a forum to share it. One thing that people need to keep in mind however is that it won’t make any difference. I do think that they have someone monitoring this page, particularly after the leak that was incredibly accurate a couple of years ago. But, the fact is, we just don’t have an opinion that counts. Shareholders’ opinions are what matter. That’s been clear for some time now. I’m not saying it as a jab at company leadership, I’m just trying to clarify what we’re all doing here... Venting. That’s it. No change will come of it nor will it even be acknowledged. I’m not trying to insult anyone who has posted here by the way.

There have been ample opportunities to consider the employees over the shareholders. Look at Q3 as an example. It’s the heaviest receipt flow into stores all year and we went to base staffing, were not allowed to fill open jobs and any open hours were pulled out of the schedule. It was basically a punishment to the people who did show up. By the way, the expectations weren’t changed, execution standards weren’t reduced to align with the lack of hands to do the job. Think senior leadership was unaware of the burden? No way, they didn’t get there because they were stupid. But at the end of the day Earnings Per Share were more important. That’s what shareholders care about. That’s why we do something that looks cool and cutting edge like Story. We can sell it as innovation to the shareholders. Meanwhile we throw millions of dollars at it, send Racheck Shechtman traveling the country showing up half drunk in stores and what did it generate? Sales from all the Story shops combined likely didn’t pay her salary. I wonder how many jobs that would have supported by the way...

I’ve had a good long run with Macy’s and I have appreciated it. I expect it to come to an end next week and I feel bad about that. I do wish that mine and everyone else’s service to the company was being treated with more dignity than what appears to be a bold move to coincide with a shareholders meeting. In the end it’s their vote that counts.

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Post ID: @OP+13fUFF9Z

11 replies (most recent on top)

I agree a 1000% with the post encouraging everyone to seek a career change by going to classes if necessary. It's a very difficult thing to accept especially after doing something you love and maybe for a long time. You can do it because someone I know very well noticed they were just getting rid of older longterm workers. This individual realized the writing was on the wall and took classes at the community college. Would you know that in a year this individual will earn a doctorate after starting with an associate's degree.
If everyone had followed we would be able to change careers easily or just quit.
The encouragement is, it can be done!

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Post ID: @3pxq+13fUFF9Z

I don't want to belittle the last poster but I don't think you have a clear understanding of the poor decisions Terry L made. TL lead Macy's into the purchase of the May Company stores for $11 billion about 12 years ago. Now the whole value of Macy's is just under $5 Billion. Let that sink in for a moment. One of the worst investments I'm aware of. Worse yet Macy's is still paying off the May Company purchase. Macy's financed the purchase and still owe $4.7 Billion. Now put that together:

Total Macy's worth equals $4.9 billion.
Total long term debt $4.7 billion.

Beginning to see the dilemma Macy's is now in? On the books they have very little value except for cash flow.

Also understand TL pushed Macy's down the throat of Chicago when he k–led the Marshall Fields brand. If you ever experienced the Marshall Fields brand strength you would understand what an epic fail to rename to Macy's was.

My point is TL made such terrible decisions that Macy's now struggles for survivial.

I will say I'm not impressed with JG either but Terry left him very little to work with.

Because of these past terrible decisions Macy's has no choice but to downsize with layoff after layoff. I know we blame them for creating a very poor work environment but if you try to understand how bad May's is financially you will possibly begin to understand how desperate Macy's situation is. It's nothing personal against you. Millennial's and younger (and Me too as a retiree) have learned how to shop on their phone and have it delivered tomorrow to their front porch for free. How do Malls compete with that.... they can't and they don't.

No offense intended to anyone. But if you don't become proactive in your job search for a career change you will need to look in the mirror to find who to blame.

Seek classes in your local community college to train yourself for your next adventure in life. One where it doesn't involve an outdated business model.

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Post ID: @3vur+13fUFF9Z

Story, Rachel, and the style crew are typical Jeff g “ shiny pennies”. He has surrounded himself with people that do not understand Macy’s or the customers it serves. He has let down so many people that depended on him to make wise choices. Instead he has made poor choices with a small circle of yes people and expensive consultants. Where’s the board? #bringbackterry

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Post ID: @2znj+13fUFF9Z

STORY is silly. It should be a practical option
Such as what Canada Goose did where you can experience how the clothes will feel at certain climates. Expand on that, summer, windy, rain, and flush STORY down the drain.
She reported to Hal so it’s. It a big shock why it failed.

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Post ID: @1gkl+13fUFF9Z

As a former STORY employee, I can't confirm whether or not Rachel Shechtman's salary is covered by total STORY sales – that would of course depend on how generous Macy's was feeling after it acquired her ideas and single standing store for far more money than was generated in all 7+ years of it's existence – but what I can tell you is that the bills she runs up at Cook Shop on a nearly daily basis (and are paid for by Macy's) certainly could pay for several salaries.

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Post ID: @1zdq+13fUFF9Z

Q3 was not actually the heaviest receipt flow into stores.

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Post ID: @1uhk+13fUFF9Z

Yes 150 stores is the right level – Jeff Genette retirement fund is 100million plus.

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Post ID: @1cmp+13fUFF9Z

You’re right. The shareholders own the company and they’re demanding stores closed and real estate sold. Macy’s has massive debt and not enough income to keep up. They’ll cut everything they can and my guess is they’ll focus on just the top 150 stores.

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Post ID: @1gft+13fUFF9Z

But we have Macy’s style crew. That’s driven at least $5 in incremental revenues.

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Post ID: @1icf+13fUFF9Z

Love this comment! All true. Our options don’t count and we are long term employees that use to be very loyal. Now how can we be loyal when stores are being treated horribly. Same expectations less help, Magic and credit results still the same with no people to help. I thought JG would have taken this company in a better direction. There was hope, not anymore. Bye bye Macy’s, there’s life after Macy’s go out and look.

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Post ID: @vhg+13fUFF9Z

Jeff Genette is The God -- will retire with north of 100 million net worth.

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Post ID: @icc+13fUFF9Z

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