This round of layoffs is another evidence that the Indian IT shop model does not work. Stuffing your workforce with foreign workers may lower costs in the short period, but eventually you will pay the consequences. See what happened to Boeing with the 737 Max tragedies.
Macy's Tech has adopted this model for the last 15/20 years. We have all seen the consequences. The site has been down a few times during holiday peaks in the past years. Same for store operations (some systems broke on Black Fridays). There was no innovation at all.
The Indian workshop model appeals to non technical managers and executives who have no clue about software development. The reality is pretty simply. Would you build a home with cheap cement? It may last 5 years, but then....
The current CEO appears to believe in this model. It will satisfy the shareholders for a while, but eventually Macy's will be back to square one in a couple of years.
Good luck everyone!