Macy's about to consolidate, cut jobs: NYPost
Is retailing giant Macy's about to consolidate regional operations and cut hundreds and possibly thousands of jobs? That's the crux of a New York Post story citing anonymous sources that ran over the weekend. According to the Post, Macy's pared its regional divisions a year ago to four from seven, firing 2,550 workers in the process. The remaining four divisions -- which cover the East Coast, West Coast, Midwest and South, and Florida -- may be collapsed into two that cover East and West. The story also says Macy's CEO Terry Lundgren may do away with the company's regional structure altogether. That would give Macy's a centralized business model like its competitors. (Photo by AP.)
Macy's is, of course, a major anchor store across Florida's malls thanks to its absorbing the Burdines name. Miami-based Burdines became part of Federated Department Stores (now called Macy's, Inc.) in 1956. In 2004 it was renamed Burdines-Macy's, and in 2005 the Burdines name was dropped altogether.
Macy's faces the tough retailing future as other large department stores, from Sears to Nordstrom, that cater to the middle class. Sales are being hammered by the recession and retailing experts say there are too many stores in too many malls and on too many street corners. Macy's has 853 stores and 182,000 employees. The company's stock, which has traded as low as $5 and as high as $28.47 in the past year, closed last week at $8.95.
-- Robert Trigaux, Times Business Columnist