Macy's Slashes 7K Jobs

Job cuts, dividend reduction could save retailer $410M
By Newser Editors and Wire Services
Posted Feb 2, 2009 12:50 PM CST
Holiday sales weren't enough to keep Macy's from slashing 7,000 jobs.   (AP Photo)
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(Newser) – Macy's said today it will cut 7,000 jobs, or 4% of its work force, and slash its dividend as it looks to lower expenses. The Cincinnati-based retailer says the reduction includes positions in offices, stores, and other locations. The cuts will include some unfilled jobs. Macy's anticipates the reductions and other actions will lower its selling, general, and administrative expenses by about $400 million annually starting in 2010.