Macy's Announces 7,000 Job Cuts

The crumbling economy has taken its toll on one of the largest department store chains. Macy's announced today that it will cut 7,000 jobs, about 4 percent of its work force. The company's cost-cutting measures include restructuring its retail divisions and reducing planned expenses. Macy's Inc. operates more than 840 department stores -- under Macy's and Bloomingdale's -- across the nation, with corporate offices located in New York and Cincinnati. Watch "World News" at 6:30 p.m. ET for a...Full Story
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