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Macy's to cut 7,000 jobs, slash dividend [View All]

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Joanne98 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Feb-02-09 01:21 PM
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Macy's to cut 7,000 jobs, slash dividend
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Source: AP


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.


Read more: http://www.google.com/hostednews/ap/article/ALeqM5hD5HE...
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