Macy's To Cut 7000 Jobs

2009-02-02 | 01:01

Retailer targets regional divisions

Macy’s Inc. said Monday that it will eliminate 7,000 jobs as its sheds its regional divisions in favor of a national operating structure in an effort to cut costs and localize store functions.

The job cuts represent about 4% of its workforce, with about two in every five eliminated posts coming from the central office functions. Annualized savings for this and other moves, including debt and dividend reductions, are expected to reach $400 million by 2010.