Macy's Lets Go 7,000 Employees

Macy's will cut about 7,000 jobs, or about 4 percent of its workforce, as it restructures following a dismal holiday season and slumping sales, The Post's Ylan Q. Mui reports.

The department store chain is also reducing its quarterly dividend to 5 cents per share of common stock from 13.25 cents. It has started a tender offer today to redeem $950 million debt maturing later this year.

"Especially in the current challenging economy, we must operate in a responsible manner," Macy's chief executive Terry J. Lundgren said in a statement.

The department store chain said it is consolidating its four geographic divisions to create a more unified organization. It also shuffled around top executives and will expand its efforts to tailor merchandise in its stores to specific communities.

-- Frank Ahrens
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