The company has announced that it has laid off 15 per cent of its corporate staff.
The new comes following an announcement that the company is now expecting to save around $100M after restructuring certain elements of its operations. The job cuts that the department store has most recently made are expected to incur a cost of $23M, a small price to pay in comparison to the $65M a year the brand is estimated to save.
Although the news is certainly negative for the company and affected employees, it doesn’t come as a surprise as department stores have been one of the hardest hit players in the retail industry amidst the Coronavirus pandemic.
