Macy’s to Cut 7,000 Jobs

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Allie. Photo: Getty Images

Macy's just announced they're cutting 7,000 jobs, including 5,100 in stores and 40 percent of executive positions. They're also freezing merit-salary increases for executives and reducing the level of matching 401(k) contributions. The company will recommend to the board cut backs on prerequisites for executives, such as Macy's discounts and company cars. Looks like the CEO of Liz Claiborne will have a bunch of new friends to make back in coach class. [CNNMoney.com]