Macy's recently announced that they would cut 7,000 jobs as a result of a weak economy and poor performing holiday season. It was one of the worst in decades. This comes after the January 8th announcement that they were closing 11 stores and cutting over 900 jobs. It was effective immediately, and most of the jobs were cut from the central office, showing that the need for savings was drastic. The divisions in San Fransisco, Miami, and Atlanta were closed, all of which were larger operators. Macy's consolidated all of these into one operating headquarter in New York City. This really shows that our economy is in a terrible state, that a company that has been around for decades can fall so hard.
http://www.jsonline.com/business/38813542.html
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