Macy’s to cut 7,000 jobs from workforce

macy's cut jobs

Macy’s Inc. said Monday that it’s cutting 7,000 jobs, almost 4 percent of its work force, as it reduces costs against a backdrop of falling sales.

The retail chain, which also owns Bloomingdales, said the job cuts will come at corporate offices, stores and other locations. The company owns more than 840 stores in the U.S and employs about 180,000 people.

“Reducing our workforce is an unfortunate outcome of the current economic environment,” company chief executive Terry Lundgren said in a statement.

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.

The series of actions are “designed to position the company for increased sales, profitability and cash flow” and “for accelerated growth once the economy recovers.”