Macy's Layoffs Job Cut: fires 7000 employees

Amid mounting pressure from the declining business prospects, the retail firm big company Macy's, has decided to go for Macy's Lay offs or Macy's Job Cuts. Unfortunately the situation is worsening further for all the sectors and Macy's is melting under the pressures of the market. The economic crisis is hitting all sectors and all the sectors are getting affected.

How many employees may be fired by Macy's layoffs?
The news is that around 7000 employees will be asked to leave their jobs at Macy's. That will be around 4 percent of the total employee strength of Macy's.

How many employees does Macy's have?
The total no. of employees of Macy's Retail is 180,000.

Which locations will be affected by the Macy's Layoffs?
No detailed information is available about that but it is learnt that the layoffs will be on a national level.

Which segment of employees will be affected by the Macy's layoffs
The job cuts announced Monday involve, in some cases, positions that are currently unfilled. Though there is some good news in the form that the Employees whose jobs are being eliminated will have the opportunity to apply for other available positions.

How much savings can be made by Macy's Layoffs?
It is estmated that the layoffs and other measures taken by the company will reduce expenses by $250 million this year and $400 million annually beginning in 2010.

When will the Macy's layoffs happen
No confirm news is available about the exact dates of layoffs.

Any severance package for the affected employees?
The laid off employees will receive severance benefits and outplacement assistance.

What are the primary reasons of Macy's Layoffs
The current economic environment and its potential impact on industry demand around the world remains highly uncertain. The worsening global economy means that there is a decline in sales and businesses and hence loss of revenue for Macy's. These layoffs are being justified as preparation for a possible decline in revenue.

Any other news about Macy's?
As per HispanicBusiness, Macy's also cut its quarterly dividend from 13.25 cents to 5 cents. The dividend will be paid on April 1 to shareholders of record March 13.
Lundgren said the company has been encouraged by early results of the program. "In fact, of the company's top 15 best-performing geographic markets in December, 13 were 'My Macy's' pilot districts. We are moving quickly and decisively to expand this model to all of our markets so we can pursue sales-driving opportunities as we position ourselves to capture share in every local market."
Let's hope that alternative jobs are available to the affected employees of Macy's Layoffs Job Cut.