Getty Images 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. CEO Jeff Gennette is stepping down next month. Macy's spokesperson said the layoffs were part of its plan "to deploy a new strategy to meet the needs of an ever-changing consumer and marketplace." As the company evaluates the "right mix of on- and off-mall locations," it intends to close five of its full-line locations this year, the spokesperson added. An investor group wants to take Macy's private in a $5.8 billion offer. Above, Macy's CEO Jeff Gennette. Jeenah Moon The job cuts were first reported by the Wall Street Journal, which, citing a memo sent to employees, said the layoffs would occur on Jan. 26. In November, the retailer beat analysts' estimates for quarterly profit on lower inventories and strong demand for beauty products.