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Macy's to Cut 7,000 Jobs

Macy's to Cut 7,000 jobs, 4 percent of its Workforce 

Macy's announces that it will cut 7,000 jobs, 4 percent of its workforce, reduce its contribution to its employees' retirement funds and cut dividend to preserve cash in the mist of one of the most dramatic consumer spending cut. The job cuts also include 1,900unfilled position. Monday's announcement is in addition to last month's statement that it would close 11 stores, affecting 960 employees.

Macy's predicts its same-stores sales or sales at stores opened at least a year will fall between 6 percent and 8 percent in the year that ends in January 2010. Same-store sales are considered a key indicator of a retailer's health.

SF Chronicle- 02/02/2009