• Macy's Inc. is a department store chain that was founded in 1858 in New York City. As of 2008, there were over 810 Macy's stores in 45 states.Macy's Inc: About Us On January 8, 2009, Macy's CEO Terry J. Lundgren announced the closing of 11 under-performing stores across nine states. The Macy's store closures will affect 960 employees.

  On February 2, 2009, the company announced that it would be cutting 7,000 jobs in an effort to further cut costs. No store closures other than the 11 announced the previous months will be immediately forthcoming.CNN: Macy's cutting 7,000 jobs (February 2, 2009)

• Fast Facts

  1. Employees: 180,000 (February, 2009)CNN: Macy's cutting 7,000 jobs (February 2, 2009)
  2. Established in 1858 by Rowland Hussey Macy as a dry goods store in New York CityMacy's Inc: Milestones
  3. First department store to have an in-store Santa ClausMacy's Inc: Milestones
  4. Declared the "World's Largest Store" in 1924Macy's Inc: Milestones
  5. Established the annual Macy's Thanksgiving Day Parade in 1924Macy's Inc: Milestones
  6. CEO: Terry J. LundgrenOfficial Site: Press Release: Macy's, Inc. to Close 11 Stores (January 8, 2009)
  7. Corporate offices located in New York City and Cincinnati, OhioOfficial Site: Press Release: Macy's, Inc. to Close 11 Stores (January 8, 2009)
  8. In 2008, Macy's operated over 810 stores in 45 statesMacy's Inc: About Us
  9. Macy's sales were down 4% in December 2008 compared to December 2007Macy's Inc: Macy's, Inc. Same-Store Sales Down 4.0% in December (January 8, 2008)
  10. Announced the closure of 11 stores in January of 2009
  11. Announced the cutting of 7,000 jobs in February of 2009

• Macy's Cuts

  On January 8, 2009, Macy's announced the closing of 11 stores. The stores that will close are located in Los Angeles, California; West Palm Beach, Florida; Nashville, Tennessee; St. Louis, Missouri; Westminster and Colorado Springs, Colorado; Hawaii; Indianapolis, Indiana; Brooklyn Center, Minnesota and the Natrona Heights and West Mifflin stores in Pennsylvania.Official Site: Press Release: Macy's, Inc. to Close 11 Stores (January 8, 2009)

  The following month, Macy's Inc. announced that it would be cutting 7,000 jobs, approximately 40% of which were executive positions. Company representatives also stated that Macy's quarterly dividend would be cut 62% and executive salary increases would be frozen. A recommendation will reportedly be made to the board to decrease executive prerequisite benefits, including company cars, store discounts and paid life insurance.CNN: Macy's cutting 7,000 jobs (February 2, 2009)

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