Macy's cutting 4% of workforce, quarterly dividend 7000 job cuts...

Discussion in 'Wall St. News' started by S2007S, Feb 2, 2009.

  1. S2007S


    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.
  2. There will be many many more to come.
  3. um not a big deal
  4. 2009 will be remember as the year of the Bankruptcy!

    It will be a bloody year. Those of you familiar with Howard Davidowitz will know how bad things are likely to get. He's not one to make dramatic or exaggerated calls, and he stated that 25% of retailers WILL file for BK this year.

    Good luck to the employment data! Years of debt-fueled binging has caught up to American consumers and their dealers.
  5. Those must be the "seasonal/holiday" employees. No big deal there. :cool: