The 3.5 percent is likely to hit 2,350 jobs.

“As we prepare to deploy a new strategy to meet the needs of an ever-changing consumer and marketplace, we made the difficult decision to reduce our workforce by 3.5% to become a more streamlined company,” a Macy’s spokesperson told CNN.

In 1858, Macy's started its journey with a small dry goods shop that opened on the 14th Street and 6th Avenue in New York City.

The brand is operating for 150 years.

Macy’s stock price has dropped 75% from a peak of $73 a share in 2015. Since then, it has closed nearly 300 stores — almost one third of its stores — and operates about 700 across its brands, reports CNN.