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NEW YORK (AP) — Macy’s said Thursday that it’s laying off 3,900 corporate staffers, roughly 3% of its overall workforce, as the pandemic takes a financial toll on the retailer's sales and profits.The headcount reduction will save the department store chain 0 million per year.Like many of its non-essential peers, Macy’s was forced to close its physical stores to curb the spread of the coronavirus, evaporating sales.Since early May, Macy’s has been gradually reopening its stores, which had been closed since March 18.The New York-based company furloughed a majority of its workers as the pandemic took hold in the U.S. However, it was announced Thursday that most remaining furloughed employees would be returning to work starting July 5.Macy’s CEO Jeff Gennette has said that customers are coming back, but it needs to cut costs to readjust its business to a new climate.“COVID-19 has significantly impacted our business. While the re-opening 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,” said Gennette. “These were hard decisions as they impact many of our colleagues. I want to thank all of our colleagues – those who have been active and those on furlough – for helping us get through this difficult time, and I want to express my deep gratitude to the colleagues who are departing for their service and contributions. We look forward to welcoming back many of our furloughed colleagues the first week of July.” 1544

Nine West Holdings, which owns the Nine West and Anne Klein brands, has filed for bankruptcy.Friday's chapter 11 filing shows that the company owes more than billion.Nine West said in a statement that it plans to sell Nine West and its Bandolino line to Authentic Brands Group. ABG owns Juicy Couture and Aéropostale, among others.The company's eponymous brand and Bandolino both sell women's shoes, handbags and accessories.Ralph Schipani, the struggling retailer's CEO, said that the restructuring will help the company reduce debt and increase growth by allowing it to focus on its stronger brands, like Anne Klein and One Jeanswear Group."This is the right step," Schipani said. "We will retain our strong, profitable and growing apparel, jewelry, and jeanswear businesses." He added that the changes should help the company to "be well positioned for the future."Nine West said it expects to continue operating normally during the bankruptcy process.The company, which has been owned by Sycamore Partners Management since 2014, joins a growing list of retailers that have filed for bankruptcy this year. Claire's filed for bankruptcy last month, and Toys "R" Us in September. The toy seller said recently that it is closing or selling all of its US stores.Last year, more than 7,000 stores closed, which set a record.Retailers have been struggling to compete with online retailers like Amazon, and suffering from the death of the mall. Many have also struggled to survive under mountains of debt.The-CNN-Wire 1524

NEW YORK (AP) — "The Magic School Bus" has traveled everywhere from Pluto to inside the human body. Now it's going somewhere new: the big screen. Scholastic Entertainment said Thursday that it will make "a feature-length, live-action hybrid film" based on the animated TV show that ran from 1994 to 1997. Elizabeth Banks will play the manic science teacher Ms. Frizzle. "The Magic School Bus," adapted from a series of books written by Joanna Cole and illustrated by Bruce Degen, centers on a group of school children who board a yellow school bus for field trips to such unlikely places as outer space or the human digestive system. 641

NEW YORK (AP) — People are more likely to return a lost wallet if it contains money — and the more cash, the better.That's the surprising conclusion from researchers who planted more than 17,000 "lost wallets" across 355 cities in 40 countries, and kept track of how often somebody contacted the supposed owners.The presence of money — the equivalent of about in local currency — boosted this response rate to about 51%, versus 40% for wallets with no cash. That trend showed up in virtually every nation, although the actual numbers varied.Researchers raised the stakes in the U.S., the United Kingdom and Poland. The response jumped to 72% for wallets containing the equivalent of about , versus 61% for those containing . If no money was enclosed, the rate was 46%.How can this be?"The evidence suggests that people tend to care about the welfare of others, and they have an aversion to seeing themselves as a thief," said Alain Cohn of the University of Michigan, one author who reported the results Thursday in the journal Science.Another author, Christian Zuend of the University of Zurich, said "it suddenly feels like stealing" when there's money in the wallet. "And it feels even more like stealing when the money in the wallet increases," he added. That idea was supported by the results of polls the researchers did in the U.S., the U.K. and Poland, he told reporters.The wallets in the study were actually transparent business card cases, chosen so that people could see money inside without opening them. A team of 13 research assistants posed as people who had just found the cases and turned them in at banks, theaters, museums or other cultural establishments, post offices, hotels and police stations or other public offices. The key question was whether the employee receiving each case would contact its supposed owner, whose name and email address were displayed on three identical business cards within.The business cards were crafted to make the supposed owner appear to be a local person, as was a grocery list that was also enclosed. Some cases also contained a key, and they were more likely to get a response than cases without a key. That led the researchers to conclude that concern for others was playing a role, since — unlike money — a key is valuable to its owner but not a stranger.The effect of enclosed money appeared in 38 of the 40 countries, with Mexico and Peru the exceptions. Nations varied widely in how often the wallet's "owner" was contacted. In Switzerland the rate was 74% for wallets without money and 79% with it, while in China the rates were 7% and 22%. The U.S. figures were 39% and 57%.The study measured how employees act when presented with a wallet at their workplaces. But would those same people act differently if they found a wallet on a sidewalk?"We don't know," said Michel Marechal, an author from the University of Zurich. But he said other analyses suggest the new results reflect people's overall degree of honesty.Shaul Shalvi of the University of Amsterdam, who wrote a commentary that accompanied the study, told The Associated Press that he suspected the study does shed light on how people would act with a wallet found on the street.He said the results "support the idea that people care about others as well as caring about being honest."Robert Feldman, psychology professor at the University of Massachusetts Amherst who didn't participate in the work, said he suspected the experiment might have turned out differently if involved "everyday people" rather than employees acting in an official capacity.But Feldman called the study impressive and said it seems like "a very real result."Dan Ariely, a psychology professor at Duke University who didn't participate in the research, said the conclusions fit with research that indicates keeping a larger amount of money would be harder for a person to rationalize."It very much fits with the way social scientists think about dishonesty," he said. 3987

NEW YORK (AP) — Tony Award-winning choreographer, actress, and Bob Fosse collaborator Ann Reinking has died. She was 71.The Associated Press reported that Reinking's manager Lee Gross confirmed that the actress died Saturday while visiting family in Seattle.According to Variety, Christopher Dean, who teaches dance to Reinking's niece, first announced Reinking's passing on his Facebook page. 401