Macy’s Inc. is planning to cut 7,000 jobs amidst the severe challenges it faces in the current economic climate.

The retailer employes around 180,000 people. Job cuts of around 4 per cent of its workforce will affect both executive positions as well as employees in the Macy’s stores.

“Reducing our workforce is an unfortunate outcome of the current economic environment, and I am frustrated that so many of our people will be unable to move forward with us as we proceed into a very exciting future for Macy’s and Bloomingdale’s,” Lundgren said. “Be assured we will be sensitive to all affected employees, work diligently to find other positions for as many of them as possible, and treat everyone with respect and honesty.”

Image by foxypar4 under Creative Commons.