US retailer Macy's to cut 2,300 jobs

0 Comments | AFP, February, 2008

NEW YORK (AFP) — US retailer Macy's said Wednesday it was cutting 2,300 jobs as it vies to overhaul its operations and cut costs amid a slowing economy.

Cincinnati, Ohio-based Macy's, one of America's best-known retailers, said the job cuts would mainly affect staff at three regional offices across the country.

"Employees laid off in this process will be provided severance benefits and outplacement assistance," Macy's said in a statement.

The retailer also announced it would be creating 250 new positions as part of its shake-up.

It unveiled the job losses as it reported a 7.1 percent fall in same-store January sales which it said was mainly due to a lower number of trading days compared with the same period a year earlier.

"Improving sales...