Macy's to cut 7,000 jobs, slash dividend

NEW YORK (AP) -- Macy's Inc. has announced that it will eliminate 7,000 jobs, which is almost 4 percent of its work force.

The Cincinnati-based department store chain says that it will cut capital spending, reduce its contributions to its employees' retirement funds and slash its dividend to preserve cash amid a severe pullback in consumer spending.

Macy's also also announced Monday the national rollout of a plan to localize merchandising to specific markets, which it began in some regions last year.

Macy's says the job cuts, which include some unfilled positions and 1,900 being eliminated in the restructuring, will come at corporate offices, stores and other locations.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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