Macy's (M) Announces Cost Efficiency Measures; Includes Store Closings, Openings
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Macy’s, Inc. Outlines Cost Efficiency Initiatives and Lists Store Locations to Be Closed
January 6, 2016 4:00 PM ESTCINCINNATI--(BUSINESS WIRE)-- Macys, Inc. (NYSE: M) today announced a series of cost-efficiency and process improvement measures to be implemented beginning in early 2016 that will reduce SG&A expense by approximately $400 million while still investing in growth strategies, particularly in omnichannel capabilities at Macys and Bloomingdales. The actions represent progress toward the companys previously stated goal of re-attaining over time an EBITDA rate as a percent of sales of 14 percent.
(Editors Note: Macys, Inc. this afternoon also issued a separate news release announcing sales results for the November/December 2015 period and updating... More
