This news just dropped the markets in the last 10 minutes. I dont think anyone is surprised to see Macys come out with news of this sort, its only going to get alot worse for retailers....... Macy's cutting 4% of workforce, quarterly dividend By Wallace Witkowski Last update: 1:16 p.m. EST Feb. 2, 2009 Comments: 3 SAN FRANCISCO (MarketWatch) -- Macy's Inc. (M: Macy's, Inc.M 7.88, -1.07, -12.0%) said Monday it will cut about 4% of its workforce along with its quarterly dividend and capital expediture budget. The retailer said it will slash 7,000 jobs, including positions that are currently not filled. Macy's also said it will lower its quarterly dividend to 5 cents from 13.25 cents. The retailer said it reduced its 2009 capital expenditures budget to about $450 million, down from a previous estimate of $550 million to $600 million. Macy's shares fell 15.5% to $7.56 in recent trading.