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Macy's (originally R. H. Macy & Co.) is an American department store chain founded in 1858 by Rowland Hussey Macy.It has been a sister brand to the Bloomingdale's department store chain since being acquired by holding company Federated Department Stores in 1994, which renamed itself Macy's, Inc. in 2007.
On February 2, 2009, Macy's announced the elimination of 7,000 jobs, or 4% of its workforce, and slashed its dividend as it looked to lower expenses as part of a major restructuring. Cincinnati-based Macy's Inc. stated that the workforce reduction included positions in offices, stores, and other locations, and the cuts include some unfilled jobs.
Bloomingdale's Inc. is an American luxury department store chain founded in 1861 by Joseph Bloomingdale and Lyman Bloomingdale.It was acquired by Federated Department Stores in 1930, which acquired the Macy’s department store chain in 1994, when they became sister brands.
Macy’s is laying off about 3.5% of its workforce, or roughly 2,350 employees, and closing five stores as it continues to shrink its massive retail business for the online shopping era.