The crumbling economy has taken its toll on one of the largest department store chains. Macy's announced today that it will cut 7,000 jobs, about 4 percent of its work force.
The company's cost-cutting measures include restructuring its retail divisions and reducing planned expenses. Macy's Inc. operates more than 840 department stores -- under Macy's and Bloomingdale's -- across the nation, with corporate offices located in New York and Cincinnati.
Additionally, financial giants Morgan Stanley and Goldman Sachs said they are considering a second round of layoffs. Morgan Stanley plans to slash around 1,800 positions, up to 5 percent of its 47,000 employees, in the coming weeks -- after cutting 7,000 employees last year -- according to The Associated Press.
Major companies announced massive layoffs last week, blaming the weak economy. The year is off to a somber start for many workers, with news of more job cuts coming amid tough times generally.
Source : ABC News
[tags : recession bankrupt collapse retrenchment financial news collapse stagnation economic slowdown financial collapse world recession global recession layoff job cut]
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