Economy

Macy's to restructure merchandising unit, cut 100 jobs

Macy's to restructure merchandising unit, cut 100 jobs

Macy's said it has tapped a former eBay executive as its new president while its restructures its merchandising operations in moves that could result in about 100 job cuts.

As president, Lawton will be responsible for all aspects of the Macy's brand, including merchandising, marketing, stores, operations, technology and consumer insights. He inherits the post from Jeff Gennette, who took over as chief executive officer earlier this year.

Macy's Inc. will welcome its newest president with more than $22 million in cash and stock awards, according to a securities filing Monday.

Bringing on Lawton gives the retailer more expertise in e-commerce as sales at Macy's physical stores flag and competition with e-commerce giants such as Amazon are intensifying.

More news: Dennis hopes opening stage success first of many — La Vuelta
More news: Factors to Note Before Buying Endo International plc (ENDP)
More news: SEA Games: Singapore wins women's 4x100m freestyle relay in new Games record

The company forecast savings of about $5 million - or 1 cent a share - in the fourth quarter and a one-time cost of as much as $25 million to be booked in the third quarter.

"The changes we are making today maintain our core merchandising skills while massively simplifying our structure and processes for greater speed and flexibility".

Macy's also says it is restructuring its merchandising and data analytics capabilities by consolidating its merchandising, planning and private-label functions into a single unit, resulting in the elimination of ~100 jobs.