In an effort to cut costs and make up for declining sales, Macy's Inc. is cutting 2,300 jobs as part of restructuring plan announced on Wednesday. The restructuring will focus more resources on stores that have been open for at least a year, and will involve closing several regional headquarters. While company officials are optimistic that the restructuring will improve sales, they anticipate that the economic situation will remain difficult for the immediate future.
See "Macy's to cut 2,300 jobs in restructuring", Los Angeles Times, February 6, 2008