Department store giant Macy's
has announced a series of actions designed to position the company for increased sales, profitability and cash flow – including reducing its workforce, including 850 Atlanta jobs
. According to a company report, these moves will prepare the company for accelerated growth once the economy recovers while reducing previously planned expenses by approximately $400 million per year beginning in 2010 (and $250 million in the partial year of 2009).
A net company-wide total of approximately 7,000 positions are being eliminated from the company's workforce in offices, stores and other facilities. This total includes approximately 1,200 positions being added to new My Macy's districts and regions.
The net reduction of 7,000 positions represents about 4 percent of the company's total current workforce of about 180,000 positions. (Note that the reduction is a much higher percentage in central office functions being centralized, where nearly 40 percent of executive positions are being eliminated.) In some cases, the reduction involves positions that currently are unfilled. Employees whose positions are eliminated will have the opportunity to express interest in other available positions. Employees who are laid off
in this process will be provided severance benefits and outplacement assistance.
"Reducing our workforce is an unfortunate outcome of the current economic environment, and I am frustrated that so many of our people will be unable to move forward with us as we proceed into a very exciting future for Macy's and Bloomingdale's," Terry J. Lundgren, chairman, president and chief executive officer said.. "Be assured we will be sensitive to all affected employees, work diligently to find other positions for as many of them as possible, and treat everyone with respect and honesty."
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