Published Jan 18, 2024 04:37PM ET© ReutersM +0.45% Add to/Remove from WatchlistInvesting.com -- Macy's (NYSE: ) will reportedly cut about 3.5% of its workforce and shutter five of its stores as the department store ramps up efforts to cut costs amid a difficult demand backdrop. The department store will cut about 2,350 jobs, The Wall Street journal reported, citing a memo sent to employees Thursday afternoon and people familiar with the situation. The news comes as the rumors continue to swirl about potential suitors eyeing a bid for the department store. Private equity firm Sycamore Partners Management LP is reportedly weighing a bid for Macy's Inc., Women's Wear Daily reported, citing two sources. Macy's was down 0.5% in afterhours trading following the news.

Source: Wall Street Journal January 18, 2024 22:04 UTC