Macys job layoffMacy's department store chain has decided to cut 7000 jobs. Macy's employees over 180,000 people and 7,000 jobs accounts for about 4% of its total workforce. The job cuts will include positions in office, stores and other locations. It is learned that Macys laid off jobs today at about 850 stores simultaneously.
Macy's anticipates the reductions and other actions will lower its selling, general and administrative expenses by about $400 million annually starting in 2010.
Implications of Macys Layoff for InvestorsMacys has slash the dividends by 4%. The stock has already fallen 11% as I write this post owing to bad outlook for retail industry in general. Although the above job layoffs announced by Macy should come as a welcome move for investor's, the stock is likely to see more downward movement as rising unemployment make things worse in 2009.
In case you have more information about Macys Layoff, please take a moment to share it in a comment.