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02-02-2009, 04:50 PM
Looks like there will be 7,000 more jobs gone thanks to how things are in the country today.
NEW YORK (AP) -- Macy's Inc. announced Monday that it will cut 7,000 jobs, or 4 percent of its work force, and slash its dividend as the department store chain looks to lower expenses and preserve cash amid a severe pullback in consumer spending.
Cincinnati-based Macy's said the job cuts, which include some unfilled jobs, will come at offices, stores and other locations. The company currently employs about 180,000 people.
Macy's had already announced last month that it would close 11 stores, affecting 960 employees, after retailers suffered through the worst holiday season in decades.
Macy's said it expects the latest job cuts and other actions to lower
http://finance.yahoo.com/news/Macys-to-c...25438.html
NEW YORK (AP) -- Macy's Inc. announced Monday that it will cut 7,000 jobs, or 4 percent of its work force, and slash its dividend as the department store chain looks to lower expenses and preserve cash amid a severe pullback in consumer spending.
Cincinnati-based Macy's said the job cuts, which include some unfilled jobs, will come at offices, stores and other locations. The company currently employs about 180,000 people.
Macy's had already announced last month that it would close 11 stores, affecting 960 employees, after retailers suffered through the worst holiday season in decades.
Macy's said it expects the latest job cuts and other actions to lower
http://finance.yahoo.com/news/Macys-to-c...25438.html
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02-03-2009, 03:07 PM
Macy’s execs get performance bonuses
A day after Macy’s executives announced lay-offs of 7,000 workers and cut a dividend in half, top company officials received a final installment on $1.39 million in performance bonuses from 2004.
The stock credit plan created in March 2004 brought five top executives “phantom stock units” or stock credits after a three-year holding period ended on Saturday, according to a Securities and Exchange Commission filing on Tuesday.
Half of the incentive was paid in February 2008 with the remaining amount paid Monday.
Payments for stock credits and accrued dividends were as follows: Chief executive Terry J. Lundgren, $613,281; Karen Hoguet, chief financial officer, $192,742; Thomas Cole, chief adminstrative officer, $227,794; Janet Grove, vice chair, $227,794; Susan Kronick, vice chair, $227,794.
On Monday the company announced that swooning sales and poor earnings would bring thousands of pink slips to associates and reconfigure management of the company
A day after Macy’s executives announced lay-offs of 7,000 workers and cut a dividend in half, top company officials received a final installment on $1.39 million in performance bonuses from 2004.
The stock credit plan created in March 2004 brought five top executives “phantom stock units” or stock credits after a three-year holding period ended on Saturday, according to a Securities and Exchange Commission filing on Tuesday.
Half of the incentive was paid in February 2008 with the remaining amount paid Monday.
Payments for stock credits and accrued dividends were as follows: Chief executive Terry J. Lundgren, $613,281; Karen Hoguet, chief financial officer, $192,742; Thomas Cole, chief adminstrative officer, $227,794; Janet Grove, vice chair, $227,794; Susan Kronick, vice chair, $227,794.
On Monday the company announced that swooning sales and poor earnings would bring thousands of pink slips to associates and reconfigure management of the company
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