Department Store Giant Cutting 7,000 Jobs

Financial Crisis Recession Macy's expects the layoffs to lower expenses by about $400 million annually.
by The Associated Press
Published: Mon, February 02, 2009 - 12:41 pm CST
CINCINNATI (AP) - Retailer Macy's says it will cut 7,000 jobs,
or 4 percent of its work force, and slash its dividend as it looks
to lower expenses.
Cincinnati-based Macy's Inc. says the work force reduction
includes positions in offices, stores and other locations. The cuts
will include some unfilled jobs.
The company has a total current work force of approximately
180,000.
Macy's anticipates the reductions and other actions will lower
its selling, general and administrative expenses by about $400
million annually starting in 2010.
The company also slashed its quarterly dividend to 5 cents from
13.25 cents. The dividend will be paid on April 1 to shareholders
of record March 13.

(Copyright 2009 by The Associated Press. All Rights Reserved.)
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