Macys

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.http://www.macysinc.com/AboutUs/Macys/ 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.http://money.cnn.com//2009/02/02/news/companies/macys/index.htm

The items sold by Macy's in their department store are similar to other rival stores. Their main selling item is clothing, as they have specialized items for men, women and children.http://www1.macys.com/catalog/index.ognc?CategoryID=1&PageID=7253815988 Macy's also features a number of other departments. They sell furniture well as have a large home accessories department. For women, Macy's also features a large beauty section that includes fragrances and jewelry.http://www1.macys.com/catalog/index.ognc?CategoryID=669&PageID=2874186973265 Unlike some other department stores, Macy's does not sell electronics.

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.http://phx.corporate-ir.net/phoenix.zhtml?c=84477&p=irol-newsArticle&ID=1241994&highlight=

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.http://money.cnn.com//2009/02/02/news/companies/macys/index.htm

On January 28, 2010 Macy's announced they would cut 1,500 store-level positions jobs as of March 6.http://www.reuters.com/article/idUSSGE60R0AR20100128