From Bad Times to Worse Times
What doesn't kill you makes you awfully worried. Macy's just announced they're cutting 7,000 jobs. They're also lowering retirement benefits for the employees that stay. I don't think Macy's is one of those big, bulky, oldschool wastefull corporations, though I guess that's entirely possible. What cannot be ignored are the numbers. Macy's numbers have been down for the last six months straight.
600 Jobs Lost in Miami Alone
Macy's is in the middle of a restructuring/reorganization/retooling, which means concentrated layoffs in one sector to save another. Macy's eliminates 600 jobs in it's downtown Florida regional headquarters.
I'm just not used to government officials sounding downright morbid. Niesen Kasdin, the Vice Chairman of Miami's Downtown Development Authority had some grim words:
''The sad reality is this is completely due to the state of the economy,There is nothing that we could do.''
When the economy is weak people tend to shop at lower-end retailers if at all. Many retailers had their hopes set on a uptick in sales over the holiday season, but that just didn't happen. Now, economists predict the same grim fate that befell Macy's to befall several other upscale-overrated entities such as Neiman Marcus, SAKS Fifth Avenue and those skanky floozies on The Real House Wives of Orange County.
Tighten your belts people. It's going to get a lot worse before it gets any better.
Read more about Macy's troubles here: http://www.msnbc.msn.com/id/28979842/
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