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cyberdude557

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: February 02, 2009, 02:26:08 PM

NEW YORK – Macy's Inc. announced Monday that it will cut 7,000 jobs, or 4 percent of its work force, and slash its dividend as the department store chain looks to lower expenses and preserve cash amid a severe pullback in consumer spending.

Cincinnati-based Macy's said the job cuts, which include some unfilled jobs, will come at offices, stores and other locations. The company currently employs about 180,000 people.

Macy's had already announced last month that it would close 11 stores, affecting 960 employees, after retailers suffered through the worst holiday season in decades.

Macy's said it expects the latest job cuts and other actions to 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.

Department stores have been especially hard-hit by the poor economy as shoppers turn to discount stores. Last month, department store chain Gottschalks Inc. put itself up for sale and said it had filed to reorganize in a Chapter 11 bankruptcy. Neiman Marcus Group Inc. said it was cutting about 375 jobs.

Macy's also announced plans Monday to roll out its strategy to localize merchandising to specific markets on a national scale. It began testing the strategy in 20 regional markets last spring.

As part of the restructuring, the company will begin eliminating its Macy's division structure and integrating all functions into a single organization. Macy's central buying, merchandise planning, stores senior management and marketing functions will be located primarily in New York.

http://news.yahoo.com/s/ap/20090202/ap_on_bi_ge/macy_s_job_cuts

mjs020294

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#1 : February 02, 2009, 03:18:55 PM

The US, and much of the west, is set for massive corrections in jobs and earnings over the next decade.  The bulging unemployment lines will force wages lower, which is depressing after nine years of pay rises lagging inflation.

The next generation(s) will be hard pushed to maintain the standard of living we have enjoyed for the last few decades.


bradentonian

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#2 : February 02, 2009, 03:44:53 PM

Macys has been hurting ever since they made a major puch to consolidate their brand portfolio under one name.  A lot of fomer customers of Marshall Fields, Foleys, and others abandoned them when they changed to Macys.


JavaBuc

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#3 : February 04, 2009, 07:08:03 AM

The US, and much of the west, is set for massive corrections in jobs and earnings over the next decade.  The bulging unemployment lines will force wages lower, which is depressing after nine years of pay rises lagging inflation.

The next generation(s) will be hard pushed to maintain the standard of living we have enjoyed for the last few decades.


Yep.   I actually anticipate pay decreases over the next 10 years or so rather than pay raises.
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