Macy’s, the largest US department store chain, is planning to cut 7,000 jobs as it presses ahead with a wideranging reorganisation of its business, even as it warned that comparable store sales could fall in 2009 by 6 per cent to 8%.
The retailer, which has been hard hit by the slump in the US, forecast that earnings for 2009 would be less than half its projection for its current fiscal year. It also said that it was slashing its dividend.
Moody’s, the credit ratings agency, said it was putting Macy’s investment grade Baa 3 debt rating under review.
Financial Times, New York Times