Business Insider reports that Macy's is laying off about 3,900 corporate jobs.<br />The company said it expects the job cuts to lead to about $365 million in savings for the rest of fiscal year 2020.<br />It estimates the move will save $630 million in 2021.<br />"We know that we will be a smaller company for the foreseeable future.<br />"Our cost base will continue to reflect that moving forward," CEO Jeff Gennette said in a statement.
