"While the reopening of our stores is going well, we do anticipate a gradual recovery of business, and we are taking action to align our cost base with our anticipated lower sales. We know that we will be a smaller company for the foreseeable future, and our cost base will continue to reflect that moving forward."

Macy’s Inc. chief executive officer Jeff Gennette, commenting in a statement last week after the retailer announced its intention to cut its workforce by 3 percent (approximately 3,900 positions) as a way to reduce costs, as reported by CNBC.