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Macy's To Lay Off 2,500 Employees
Yawn! . . . So what else is new?:
NEW YORK (AP) — Macy's Inc. is cutting 2,500 jobs as part of a reorganization to sustain its profitability.
Shares rose 5.5 percent in after-hours trading Wednesday.
The announcement comes on the heels of a strong holiday shopping season for the department store chain, which also runs the higher-end Bloomingdale's chain.
Macy's said the moves will save it $100 million per year and forecast a 2014 profit above Wall Street's forecasts.http://www.huffingtonpost.com/2014/01/08/macys-layoffs-job-cuts_n_4563850.html
Funny how it is that whenever one of these corporate behemoths makes an announcement that they are making "reorganization" moves intended "to sustain its profitability," it almost always entails sending a few thousand workers to the unemployment line. And notice as well how the action of firing those 2,500 workers instantly enhanced the stock portfolios of the investor class?
Here's a headline you will never, ever see:
Macy's Millionaire CEO And Corporate Officers Forego Bonuses And Take 20% Pay Cut To Avoid Laying Off 2,500 Employees
Right?
----TFG
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