Macy’s is planning to lay off nearly 4,350 employees across the country after the company failed to hit sales targets over the holiday shopping season.
Macy’s on Wednesday said about 3,000 sales associates will be impacted, or about three to four per Macy’s and Bloomingdale’s location.
The company believes half of the affected store associates will be “placed in other positions.”
Another 1,350 employees in back office and service center positions will be impacted by the layoff. The company expects some of those worker’s to also be reassigned to other jobs.
The iconic retailer is also expected to offer a “voluntary separation opportunity” for about 165 senior executives.
The company will save nearly $400 million to help offset its “disappointing” 2015 results.
The layoffs were announced after November and December sales came in 5% worse than expected.
Macy’s has blamed the “historically warm weather” in northern climates for its declining sales.
Like many other retailers, Macy’s also says a strong US dollar caused international tourists to spend less at its various locations.
Macy’s shares were up 6% on Wednesday in after hour trading.