Macys Slashing 7000 Jobs

02.03.09 | FL News Team

Macy's is slashing positions. More than seven-thousand office, store and other facility jobs -- amounting to nearly four-percent of the retailer's workforce -- are being eliminated. The cutbacks include positions the company had planned to fill.

The job cuts are a premeditated move to prepare the company for post-recession growth by immediately reducing expenses and improving cash flow. The retailer is also restructuring its national districts and regions to streamline operations and save money. This new realignment will itself create 12-hundred new positions this year. 

Macy's President and CEO Terry Lundgren says he's frustrated with the cuts, but the company will do all it can to find jobs for displaced workers. Laid off employees will be offered severance pay and loss-of-job assistance.