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Category: News Author : Duncan Riley Posted: February 2, 2009
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Macy’s job cuts: 7000 to go


macys

The United States’ second largest department store company Macy’s has announced large job cuts, with plans to lay off 7,000 position.

The job cuts amount to 4% of its workforce and will help the company save $250 million in 2009, and $400 million annually from next year. The cuts include a 40% head count reduction in management.

Macy’s made the cuts of the back of poor results, with the company reporting its worst holiday season in 40 years

Chief Executive Officer Terry Lundgren said in a press release that Macy’s “must operate in a responsible manner that allows us to maximize the value we offer to our customers and enhance our profitability. That includes reducing expenses and conserving cash so we can remain financially healthy. In the short and long term, the actions being announced today will make us a more lean and efficient company and a stronger competitor.”

The company also announced that it would buy back $950 million in outstanding bonds.











Comments


One Archived Response to “ Macy’s job cuts: 7000 to go ”

  1. Anonymous
    Feb 6, 2010

    With a lot of laid off workers, I think we should find alternative in order to survive. Ever since I got laid off, I had to start freelancing when and wherever I could to make enough money to scrape by. Granted, I do have a little more “freedom” in a sense, but I have to work really hard to replace even half of what I made in my previous 9 to 5 job, and the job market isn’t making things easy. I’ve cut a LOT of luxuries, like driving unless completely necessary, and I don’t want to use credit cards or payday loans, or ANY sort of credit right now. I write a lot of stuff for various websites, odd jobs for people, temp agency work, whatever I can do to make a little money.