Macy's to cut 7,000 jobs, slash dividend

[Joanne98]

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/ALeqM5hD5HErBqmt4hOBv2vB62khGRyJzAD963JOE02

[defendandprotect]

1. Corrupt capitalism will continue to sink...Macy's has been buying China Made stuff ...

charging expensive prices for it -- and screwing customers.

They bought our L&T here -- a town anchor -- and screwed it up -- until they had

to sell it cause nobody here wanted to do business with Macy's!!

Workers should have more of a say in the running of a store -- plus shared profits!

Workers would have easily seen the tragic ending to this story.

[montanacowboy]

2. Same thing here in Seattle

they bought The Bon Marche and ever since the stuff they sell has sunk to almost Walmart type products. The clothes are like rags at some teeneny bopper boutique and all their higher end merchandise has been replaced with outright junk. I do not shop there anymore.

[Baby Snooks]

3. They all are...

There's more profit in Chinese made goods. Quite a few of the "designer" clothes are made in China. Doesn't matter whether you buy at Wal-Mart or Macy's or Neiman-Marcus. Most of it is from China.

Unless things have changed, you can usually tell by checking the seams. You shouldn't be able to easily see the threads when pulling the two seams apart. And of course the fabric. You get better fabric with the "designer" clothes. But often not much else.

The matter of quality aside the reality is this is another indication that the worst is yet to come.

[defendandprotect]

5. Americans want clothing made in the USA . . . for decades stores have

bought cheap clothing and sold it at high profits --

Corrupt practices which finally destroy us all --

[defendandprotect]

7. How many American designers were put out of business by these practices?

Many, many --

The clothing now is garbage ---

[closeupready]

13. It IS garbage. If even five years ago you had told me trousers would wear out in three months,

I would have laughed out loud. Now, I expect it routinely - buttons pop off, zippers break, threadbare spots appear in weird places (like, where you carry your keys). Unbelievable crap.

[tomreedtoon]

18. Who cares about designers? I care about workers.

Designers are management. It's their job to make people keep buying new clothes each season that they don't need. Designers can go suck eggs. I care more for the people working in the garment industry that put together the clothes. They are the ones who need the sympathy.

And much as I may feel sorry for the people working for Macy's, it's an overpriced yuppie store. It is not a place where ordinary people can buy affordable clothes. In the 1960's, mainline department stores were places everybody could shop. Now they're ghettos for the rich and pretentious.

Both Macy's and Wal-Mart deserve to go out of business. A store selling American-made clothes and products (which will never happen again, sadly) at fair and negotiable prices is what we need, and won't get.

[defendandprotect]

25. Well, the designers I'm talking about were reliable, making clothing people needed . . .

Everything has been cheapened down -- and now not reliable.

I see your point about workers -- but these American designers were around

a long time, producing well made clothing, and presumably employed many workers.

These weren't sweat shops.

And, agree with you on Macy's -- has never been a favorite of mine --- many better

stores in NYC and they've been very damaging to many good stores they've both.

Mainly, it seems, to destroy the competition!

In fact, capitalism isn't about competition -- it is about destroying the competition--!!!

[global1]

4. That's What They Get For Changing The Name of Marshall Field's........

and what's with that "Red Star" logo?

[awoke_in_2003]

11. It is nothing...

relax, Comrade :)

[DesertFlower]

6. here in arizona they bought

the "Broadway" stores. i don't shop there. i used to love macy's when i lived in new york, but that was almost 20 years ago. things change.

[defendandprotect]

8. True -- I'm an old New Yorker . . . but there were expectations and rules when

I shopped there --

Still I liked Altman's and Bloomingdales better --

but they were all good at the time.

No longer --

[DesertFlower]

9. i liked Abraham & Straus too,

but they didn't have a store in manhattan. i used to go to one on LI. it was in manhasset.

[defendandprotect]

12. Yes . . .

for a long time we had one here in NJ -- Short Hills Mall -- long gone now-
Really nice store!

[bikebloke]

10. In DC

They bought out Hecht's. Prices tripled, while quality plummeted. I started buying clothes online when the season was over and the prices dropped.

[madrchsod]

14. macy`s was in trouble as soon as it decided to buy stores across the country

this will not be the first lay off this year for macy`s....

[defendandprotect]

26. Macy's bought them and destroyed them ---

[Haole Girl]

15. Honestly, I don't know how that store even stays in business

I just don't.

[bluedeminredstate]

16. I never shop there.

They took over Hecht's and the quality went way down while the prices went through the roof. In Richmond we have two Dillard's which seems to be failing, one Nordstrom, one Saks and the rest are Macy's scattered through the city and suburbs. They really suck.
They also took over Filene's in New England which I loved when I lived there.

[Blue_Tires]

23. I remember Hecht's, too

a lot of back-to-school shopping there back in the day...we used to have 3 here locally

[2Design]

17. Since they all shop in China and buy junk - it is cheaper to get it at kmart

and when it wears out your throw it out and buy something new - you can buy three of something from china versus one something from china at Macy's - I watch tourist buying crap with logs on and they are from china and marked up 300% - saw a zipped sweat shirt for $60 the other day - it is worth maybe $20 - I just don't buy the junk anymore

[Ardent15]

19. Good

Small businesses will triumph over corporate moneygrubbers.

[CatholicEdHead]

20. Macys North aka fomer Dayton Hudson took a hit last year

I expect them to take another hit at their building in downtown Minneapolis. Not good at all.

[DemReadingDU]

21. Wikipedia: Macy's

They bought a lot of stores all over the country

edit to add this link
http://tinyurl.com/ytfvss

[avaistheone1]

22. The job cuts are bad news - as well as cutting their company contribution

to employee 401ks. That really sucks.

[jazzjunkysue]

24. I don't know how they've staye alive: Everything has been on sale for years.

Coupon after coupon: It's obvious they're in trouble.