Source Pravda.Ru

Macy's announces consolidation of its 3 divisions

A chain of mid-range American department stores, Macy's, announced its decision to unite three of its divisions, a step that will lead to 950 job cuts in Minnesota.

The changes will concern Minneapolis-based Macy's North organization (65 stores in Illinois, Indiana, Michigan, Minnesota, North Dakota, Ohio, South Dakota, and Wisconsin), consolidated into Macy's East, headquartered in New York; Macy's Midwest, headquartered in St. Louis (95 stores in the mid-West states) consolidated into Atlanta-based Macy's South and Seattle-based Macy's Northwest (71 stores), consolidated into San Francisco-based Macy's West.

The company will pay pre-tax charges of approximately $150 million in 2008 for expenses related to the consolidation. But thanks to this step the company will reduce expenses by approximately $100 million, beginning in 2009.

The victims of consolidation will either be offered positions in other areas, or be provided severance benefits and job-placement assistance.

Photo: www.wikipedia.org

Comments
Macron challenges Trump. French independence and croissants at stake
Putin's three days in Singapore mark Russia's major geopolitical changes since 2000
Putin's three days in Singapore mark Russia's major geopolitical changes since 2000
Moving inexorably towards war
Putin dislikes the idea of US army bases coming to Kuril Islands
Putin dislikes the idea of US army bases coming to Kuril Islands
Putin sees no drama if Russia misses Davos forum
How can Americans and Russians understand each other?
How can Americans and Russians understand each other?
How can Americans and Russians understand each other?
Brexit: The UK's misunderstanding of Democracy
Russian FM Lavrov warns of possible war between Russia and USA
Norwegians complain of demoralised NATO soldiers
The West still does not know what the Russian way of warfare is like
The West still does not know what the Russian way of warfare is like
Putin's three days in Singapore mark Russia's major geopolitical changes since 2000
Brexit: The UK's misunderstanding of Democracy
Putin dislikes the idea of US army bases coming to Kuril Islands
USA plays to pretend a mighty dragon that can no longer breathe fire
Brexit: The UK's misunderstanding of Democracy
Putin dislikes the idea of US army bases coming to Kuril Islands