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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.

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  -Macy's to cut 7,000 jobs, slash dividend Joanne98  Feb-02-09 01:21 PM   #0 
  - Corrupt capitalism will continue to sink...Macy's has been buying China Made stuff ...  defendandprotect   Feb-02-09 01:39 PM   #1 
  - Same thing here in Seattle  montanacowboy   Feb-02-09 01:47 PM   #2 
  - They all are...  Baby Snooks   Feb-02-09 02:08 PM   #3 
     - Americans want clothing made in the USA . . . for decades stores have  defendandprotect   Feb-02-09 02:11 PM   #5 
     - How many American designers were put out of business by these practices?  defendandprotect   Feb-02-09 02:12 PM   #7 
        - It IS garbage. If even five years ago you had told me trousers would wear out in three months,  closeupready   Feb-02-09 02:48 PM   #13 
        - Who cares about designers? I care about workers.  tomreedtoon   Feb-02-09 03:45 PM   #18 
           - Well, the designers I'm talking about were reliable, making clothing people needed . . .  defendandprotect   Feb-02-09 08:45 PM   #25 
  - That's What They Get For Changing The Name of Marshall Field's........  global1   Feb-02-09 02:09 PM   #4 
  - It is nothing...  awoke_in_2003   Feb-02-09 02:27 PM   #11 
  - here in arizona they bought  DesertFlower   Feb-02-09 02:12 PM   #6 
  - True -- I'm an old New Yorker . . . but there were expectations and rules when  defendandprotect   Feb-02-09 02:13 PM   #8 
     - i liked Abraham & Straus too,  DesertFlower   Feb-02-09 02:18 PM   #9 
        - Yes . . .  defendandprotect   Feb-02-09 02:38 PM   #12 
  - In DC  bikebloke   Feb-02-09 02:21 PM   #10 
  - macy`s was in trouble as soon as it decided to buy stores across the country  madrchsod   Feb-02-09 02:53 PM   #14 
  - Macy's bought them and destroyed them ---  defendandprotect   Feb-02-09 08:46 PM   #26 
  - Honestly, I don't know how that store even stays in business  Haole Girl   Feb-02-09 03:05 PM   #15 
  - I never shop there.  bluedeminredstate   Feb-02-09 03:12 PM   #16 
  - I remember Hecht's, too  Blue_Tires   Feb-02-09 04:22 PM   #23 
  - Since they all shop in China and buy junk - it is cheaper to get it at kmart  2Design   Feb-02-09 03:25 PM   #17 
  - Good  Ardent15   Feb-02-09 03:51 PM   #19 
  - Macys North aka fomer Dayton Hudson took a hit last year  CatholicEdHead   Feb-02-09 04:04 PM   #20 
  - Wikipedia: Macy's  DemReadingDU   Feb-02-09 04:17 PM   #21 
  - The job cuts are bad news - as well as cutting their company contribution  avaistheone1   Feb-02-09 04:21 PM   #22 
  - I don't know how they've staye alive: Everything has been on sale for years.  jazzjunkysue   Feb-02-09 05:16 PM   #24 

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