(Reuters) – Macy's Inc said on Thursday it would lay off about 3,900 employees in corporate and management positions to help lessen some of the financial strain of dwindling sales due to the COVID-19 pandemic.

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Macy's said it expects to save about $365 million from these layoffs in fiscal 2020.

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TickerSecurityLastChangeChange %MMACY’S INC.6.46-0.32-4.72%

(Reporting by Uday Sampath in Bengaluru; Editing by Ramakrishnan M.)

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