This question is for any executives not furloughed, (not for the usual bitter employees who really have no info)
Does anyone know if there will be another Restructure to save the company?
Maybe eliminate the new regions?... combine some regional jobs?
It would be foolish to think we would function the same way as before the covid 19 disaster
Expect heavy store closing, as an effort to save what’s left . If things turn really sour , chapter fillings / possibly a full sale of the company.
Doesnt make much sense... can u clarify? So you are saying we are going to 12 regions from 8? All store managers report to rvp?
No region team or support?
DVP’s are gone. A store manager runs two stores. 12 DVP/RDOS everything reports to them in the regions and that’s it. Middle management gutted and JG gets big money for running the company into the ground.
No, Herald Square has been a nat'l historical monument since '78.
Will they sell Harold square?
*real estate
Macy’s is in the process of raising (at least) an additional 5 billion in cash. As long as they continue making smart decisions (taking advantage of their rich retail portfolio) liquidity won’t be an issue.
Florida is coordinating their reopening with other southern states. Recommendations are due out today. JG will be communicating the stores reopening plan to them.
All Miami store managers have a conference with JG at 9:30 am on Friday, oh this can’t be good
"Good luck to everyone. There is an other side to this virus. This too will pass."
This too will pass with everyone taking 75 percent haircut. Majority will become homeless or move into high density housing ...
For clarity I retired from Macy's a little over a year ago. I have no inside knowledge.
Macy's primary concern now is how they financially survive the virus. There is real doubts if department stores have enough cash to make it. Doesn't mean game over. They go bankrupt and restructure. Writing off a number of store leases that will never reopen and Macy's stock becomes worthless. From there they work to open the more profitable stores. Get some cash flow going and take a deep breath as they figure out their next move. Somehow I doubt senior management survives this scenario. At least what remains of the seniors, Hal the president and CFO Paula long gone. New management team would be my guess along with several board members.
Or Macy's might figure out a way to financially support themselves off the remaining value of their real estate and have enough cash to make it through the virus and reopen.
Or, a private equity investment firm swoops in and takes control (doubtful).
As you know Macy's is not alone with financial issues. All department stores are in question.
Along with businesses, most of us are struggling to live with this 'stay at home' directive. My family has yet to receive any government financial support. Been living off of our savings. I doubt the department stores will receive much in the way of government support. Maybe...
Restructure the workforce? Seems this would be a continuing effort to lower costs creating a store staffing model that is competitive with their competition. Same for Directors and above. Their salaries will come down.
Some retailers have gone through a restructuring and revived themselves. Certainly not a direct comparison to Macy's but Best Buy almost went down, couldn't compete with Amazon on electronics. Best Buy merchandise was way over priced and they were lousy at customer service. They restructured, became competitively priced and improved their customer service. I once again shop at Best Buy or at least plan to if they (and me) survive the virus. Best Buy has a good functional website. Great website? No. But it is good. I can quickly find what I'm looking for.
Good luck to everyone. There is an other side to this virus. This too will pass.
Temp agency? You are nutso. Do you know how much it costs to use a temp agency? At least 30% more than a direct hire. No way the company is doing that. 👎👎👎
I honestly love working for Macy's. It's probably mostly because of how my store manager treats his employees (with support and respect). Obviously I do have some of my own complaints, but who doesn't? I don't want to see Macy's crash and burn.
First off... there ate people in the know that post....and are you kidding about bitter employees? Just read through tie posts... their comments are not meaningful or helpful...
Just look at the HCS balance sheets they are down a MEDT percent of 37.55% with no gross sales, everything is crashing down
They are just planning on lowering managers pay for good. So if you now make $60,0000 you will get a 20% pay cut, if you are making in the top 10% it will be a lay-off, they are also looking on hiring a lot of people from a temp agency (Who have been laid off from Barney’s, Neiman Marcus, Sears) to replace managers who they will let go. Any manager who is “stagnant” (has been with the company too long) they will let go, any manager who has not had any sort of write up will be let go, any manager who has had complaints from employees and other managers will be either let go or demoted, so it will be a whole host of things depending on the store, manager, and profitablility margins.
Oh I'm sure there's a lot in store. But no one like the previous post said is going to be divulging it on a public forum unless they wanna lose their job...
Bitter employees? Why did you throw that into your post?
Anyways, it is insane to expect corporate higher-ups to show up on this website and divulge information regarding a possible restructure. This stuff is typically held close to the vest.
It really irks me about your comment about bitter employees. Macy's has made us bitter..duh. Have you ever seen Macy's on a list of best places to work??
Can you clarify? What is r-ds
they are going to restructure out of r—ds working for them