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

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.

Officials at the New Hartford Macy's store in Sangertown Square mall said they could not comment on any impact the announcement would have on their store.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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