Retailer Macy's said it will cut 7,000 jobs, or 4 percent of its work force, and slash its dividend as it looks to lower expenses.
Cincinnati-based Macy's Inc. said the work force reduction includes positions in offices, stores and other locations. The cuts will include some unfilled jobs.
The company has a total current work force of approximately 180,000.
Macy's anticipates the reductions and other actions will lower its selling, general and administrative expenses by about $400 million annually starting in 2010.
The company also slashed its quarterly dividend to 5 cents from 13.25 cents. The dividend will be paid on April 1 to shareholders of record March 13.
Copyright AP - Associated Press
