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job cuts: macy’s

Macy’s Inc. announced Monday that it will eliminate 7,000 jobs, almost 4 percent of its work force, and cut capital spending, reduce its contributions to its employees’ retirement funds and slash its dividend to preserve cash amid a severe pullback in consumer spending.

The Cincinnati-based department store chain also announced the national rollout of a plan to localize merchandising to specific markets, which it began in some regions last year.

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