The layoffs make up 3.5% of the overall workforce across Macy's. The company operated 722 store locations as of January 2023 and employed 94,570 full- and part-time employees, excluding seasonal hires. The job cuts come as an investor group consisting of Arkhouse Management and Brigade Capital put pressure to take Macy's private in a $5.8 billion offer, Reuters reported in December. Macy's incoming CEO Tony Spring is also focused on cutting expenses on promotions to boost margins as the company recovers from an inventory glut in 2022.