Macy’s Cutting 7,000 Jobs; Halves Dividend

Monday, February 2, 2009 13:09
Posted in category Economy, M, Recession, Stock Market
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Not to be excluded from the layoff crowd, Macy’s announced plans to lay off thousands of jobs. The company has also announced it will be slashing its dividend in half.

Macy’s dropped 16% on the news 16% but slightly recovered to $8.43, down 6% on the session. A year ago, the shares traded at $28 before they scraped all the way down to the $5 range last November.

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