Macy's to cut about 2,300 jobs

CINCINNATI - Macy's Inc. said Wednesday it will cut about 2,300 management jobs as the department store operator consolidates three regional divisions and decentralizes buying in a bid to reduce costs and boost sales. The announcement came as Macy's announced separately that it had a steeper-than-expected drop in sales in January at established stores and that earnings in its fiscal year would be below Wall Street estimates. Shares fell almost 5 percent on the news. The Cincinnati-based retailer has been struggling with disappointing sales and resistance from shoppers in some markets where the Macy's name replaced local favorites it absorbed as part of its acquisition of May Department Stores Co. in 2005 amid efforts to build a national brand.

I guess Macy's isn't the same everywhere. Macy's Herald Square is a nightmare on most days. I wish I knew where all those people cam from. A little reorganization to their current business structure may be what this company needs to improve on its sales. It is never good when jobs are lost to it though.