Major U.S. retailer kills 7,000 jobs
New York, NY (JusticeNewsFlash.com)–Breaking News: Bloomberg reported this afternoon another slam to the American workforce today with the announcement of Macy’s slashing 7,000 jobs. The second largest United States department store cut 3.9% of it’s workforce claiming it will help save the company money. Macy’s Inc., is closing all of its regional divisions in Atlanta, Miami, San Francisco leaving one buying office in New York open.
Macy’s employs about 180,000 workers in 848 stores. The 40 Bloomingdale’s stores will remain operating separately stated Macy’s executives today. Macy’s purchased May Department Stores Co. In 2005 for $11 billion. The companies share price on the New York Stock Exchange peaked in May 2007 at $46.51. Bloomberg reported the price at $8.51 at 3:14 p.m. today.
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