Macy s to cut 7,000 jobs, slash dividend

2/2/2009

CINCINNATI Retailer Macy s says it will cut 7,000 jobs, or four 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.