Happy red (or black) Monday. Macy’s Inc. just announced it will eliminate 7,000 jobs as it disbands
its regional divisions in favor of a national operating structure in an
effort to cut costs and localize store functions.
According to WWD, 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.