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Macy's Teams with Joy Mangano
The Joy homewares brand from Joy Mangano, creator of the Miracle Mop and the inspiration behind the new film Joy, will arrive at Macy's stores early this month.
April 6, 2018
2 Min Read
New deal announced as retailer plans cutbacks and consolidation following disapointing 2015 sales.
The Joy homewares brand from Joy Mangano, creator of the Miracle Mop and the inspiration behind the new film Joy, will arrive at Macy's stores early this month.
The product line at Macy’s will include key merchandise such as Miracle Mop, Huggable Hangers, My Little Steamer, Better Beauty Case, MemoryCloud pillow and Forever Fragrant vase and sticks. Joy will make an appearance at Macy’s Herald Square store in New York City on Saturday to launch the partnership nationwide.
“Joy’s innovative products have helped make home tasks easier for three decades, making her a true leader in the industry," says Martine Reardon, chief marketing officer, Macy’s. "We are thrilled to embark on this new partnership and to bring this product to our customers in Macy’s stores and on Macys.com.”
The new partnership was announced at the same time as the company unveiled a series of cost-efficiency and process improvement measures that will be implemented this year, including staffing cutbacks and store closures. The changes are expected to reduce expenses by approximately $400 million, while still allowing the retailer to invest in "growth strategies, particularly in omnichannel capabilities" at both Macy’s and Bloomingdale’s.
“In light of our disappointing 2015 sales and earnings performance, we are making adjustments to become more efficient and productive in our operations," says Terry J. Lundgren, chairman and chief executive officer, Macy’s. "Moreover, we believe we can operate more effectively with an organization that is flatter and more agile so we can pursue growth and regain market share in our core Macy’s and Bloomingdale’s omnichannel businesses faster and with more intensity. In some cases, there will be short-term pain as we tighten our belt and realign our resources. But our eye is on a long-term vision of Macy’s as a dynamic retailer that serves existing customers and acquires new ones through innovative approaches to the marketplace.”
Among the proposed cost-saving measures are:
The closure of 40 stores;
a reduction of about 3,000 Macy's and Bloomingdale's sales positions nationwide, about half of which are expected to be placed in other positions;
a voluntary retirement opportunity for about 165 senior executives in Macy’s and Bloomingdale’s central stores, office and support functions who meet certain age and service requirements, of which approximately 35 percent of these executive positions will not be replaced;
reduction of an additional 600 positions in back-office organizations with about 150 of these associates reassigned to other positions; and
consolidation of the four existing Macy’s credit and customer services center facilities into three.
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