Macy’s to Cut 7,000 Net Jobs, Reduce Its Dividend

Macy’s announced on Monday it would cut a net 7,000 jobs and slash its dividend by more than 60% as part of an effort to boost the retail giant’s efficiency.

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Macy’s said it would cut a net of 7,000 jobs, a total that includes 1,200 positions being added in it’s “My Macy’s” initiative that’s being tested in 20 locations around the U.S. as of spring of 2008. The job cuts represent about 4% of the company’s total work force of around 180,000 jobs. Macy’s noted in its press release that many of the reductions will occur in its central-office and executive ranks, and that the total includes some positions that are currently unfilled. More...

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