Retail Woes

Macy's Cuts 7K Jobs

Weak consumer spending is taking another casualty. Macy's announced today that 7,000 jobs—4 percent of its workforce—will be fired and 40 percent of executive positions will be eliminated. Macy's, the nation's largest department-store chain, will also restructure its regional strategy and reduce benefits in an attempt to circumvent declining sales. The company is trying to save $400 million annually.