Macy’s cutting 7,000 jobs

*Hmmm…the decline of western civilization.*

Macy’s Inc. said Monday that it’s cutting 7,000 jobs – including 5,100 in its stores – and centralizing some of its corporate operations in an effort to reduce costs amid an increasingly difficult retail environment.

The company also projected earnings for the fiscal year just beginning that are well below analysts’ estimates.

Macy’s shares fell 7% in afternoon trading.

“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,” Macy’s CEO Terry Lundgren said in a statement.

The retailer estimates the restructuring efforts will reduce previously planned expenses by about $400 million a year beginning in 2010.

Macy’s (M, Fortune 500) said the job cuts include nearly 40% of executive positions in its central offices including 1,400 jobs in San Francisco, about 850 jobs positions in Atlanta and about 600 jobs in Miami.

Employees whose positions are eliminated will be able to seek other jobs within the company, the retailer said, while those that are laid off will be given severance benefits.

Stevan Buxbaum, analyst with consulting firm Buxbaum Group, said he’s not surprised by Macy’s announcement.

“Ten years ago, everyone was talking about department stores becoming the dinosaurs of retailing,” Buxbaum said. “Reality is department stores are dinosaurs. You have to ask yourself how long can this model work as a viable business?”

Macy’s Inc., which operates 840 department stores including its namesake Macy’s stores and the higher-end Bloomingdale’s chain, currently employs 180,000 people.

The company does not plan to close any additional Macy’s or Bloomingdale’s locations other than 11 Macy’s stores whose shutdown was previously announced.

The retailer said it will freeze merit salary increases for executives across the company and reduce the level of its match to employee 401(k) plan contributions in 2009. Macy’s also said it will cut its quarterly dividend 62%, to 5 cents a share.

In addition, Macy’s management said it is recommending to its board a reduction in perquisites for executives, including merchandise discounts, company cars, company-paid life insurance and financial counseling.

Mounting job losses: Keep track of company cuts

Regarding its new “centralized” structure, Lundgren said Macy’s Inc. will now have central offices overseeing buying, merchandise planning, marketing and stores operations.

It will also unify operations for logistics, information technology and human resources.

“In the current challenging economy, we must operate in a responsible manner that allows us to maximize the value we offer to our customers and enhance our profitability,” Lundgren said.

Lundgren will also head a new executive team which will now include a chief private brand officer, chief administrative officer and a chief stores officer.

Macy’s announced a cash tender offer to buy all of its outstanding $950 million in debt that is maturing in 2009. The retailer said it will use the cash to buy back debt.

Buxbaum said Macy’s second restructuring in two years is indicative of “the long process of the unwinding of the department store empire.

“The new retail model is direct retailing. It’s stores like Abercrombie & Fitch and Aeropostale,” he said. “These retailers control all of their merchandise, sell their brands directly to the consumer, cut out the middlemen and have higher margins.”

Looking at the rest of the year, the department store operator expects to see “a very challenging environment” through 2009. As such, the retailer forecast same-store sales, or sales at its stores open at least a year, to fall between 6% to 8% for the year.

The company said it further reduced its 2009 capital expenditures budget to about $450 million from the previously announced estimate of between $550 million to $600 million.

For its new fiscal year, Macy’s expects to earn between 40 to 55 cents a share, excluding one-time items. However, the retailer said its sales and earnings “could exceed” those forecasts “should the economic environment improve.”

http://money.cnn.com/2009/02/02/news/companies/macys/index.htm

One in five takes a Snow Day. Now another massive blizzard is set to strand the ones who DID make it in

Commuters were facing a battle to get home today after braving the biggest snowfall in almost two decades on their way to work.

The worst snow in Britain for 18 years saw the country’s transport network grind to a halt and prompted one in five workers to stay at home, according to a snap poll.

Those who did make it in were facing yet more chaos on the way home as forecasters predicted a second heavy weather front would hit this afternoon.

With roads blocked, much of the city’s bus service still out of action and all but one underground line suspended, it is feared some may end up stranded.

Helen Chivers, from the Met Office, said more snow would arrive from France this lunchtime, hitting Kent first and then the capital.

‘There are a lot of showers still coming in from the North Sea. It’s winter for a change,’ she said, adding: ‘We don’t get this very often.’

The last time Britain saw such widespread snowfall was in February 1991. The Met Office says up to 30cm could fall in some areas, with others seeing five to 10cm.

It has issued severe weather warnings for much of Scotland and north east England, and is still warning of a high risk of extreme weather throughout the rest of the country.

Temperatures are set to plunge below freezing tonight, meaning conditions could become even more treacherous as snow turns to ice.

The weather is not due to improve until the end of the week, although the snow will gradually lessen and turn to sleet.

Two people are already known to have died in the freezing conditions. The brothers, who have not yet been named, were caught on Mount Snowdon last night.

Their bodies were found this morning after they apparently fell around 300m. It is believed they may not have had the right equipment with them.

Elsewhere, the weather caused more havoc and injuries:

• A 36-year-old man had his arm amputated after his car crashed into a field in County Durham at 6am.
• A 17-year-old boy was treated for hypothermia after falling into a lake in Worcestershire and spending 15 minutes in the water.
• Thousands of residents near Dartford, Kent, were without power as bad weather damaged a power cable.
• Hundreds of ‘non-urgent’ operations were cancelled after many NHS staff failed to make it into work.

London Ambulance Service warned it would only answer ‘life-threatening’ 999 calls because of blocked roads and staff shortages.

Roads were still blocked, airports closed, train services stopped and almost 3,000 schools closed this afternoon due to the massive snowfall overnight.

Drivers, who were told to only travel if absolutely necessary, faced huge tailbacks as cars struggled in the drifts. On the M25 this morning, one queue stretched 54 miles.

In London, there was chaos as the entire bus service was cancelled for the first time in living memory and only one underground line was running a good service.

A very reduced service finally started in the early afternoon, but only three routes were operating fully and another nine on a smaller schedule.

Not even the Blitz stopped the buses and there was anger that gritters had not been able to clear the roads before the morning rush hour.

‘London looks beautiful but I’m really angry the transport system has collapsed,’ said Michael Topper, 24, as he walked to work.

‘They’ve known about the snow since yesterday. The later I get into work the more money we will lose and it’s a really worrying time.’

Colleague Emily Marshall added: ‘I bet the economy loses millions because everyone’s late into work.’

http://www.dailymail.co.uk/news/article-1132144/One-takes-Snow-Day-Now-massive-blizzard-set-strand-ones-DID-make-in.html

A Jewish cartoonist tells the naked truth (to other Jews) that non-Jews wouldn’t dare!

The Shonda, a cartoon by Eli Valley that appears in The Jewish Forward, is an example of how Jews can say to Jewish audiences what Gentiles would not dare say. In fact, any Gentile cartoonist who penned the following cartoon would lose his syndication in every American newspaper.

The cartoon is set with three Jews on a tropical island: a rabbi, a Jewish communal leader and an international fugitive. The Jewish criminal fugitive who made a fortune by dumping arsenic and poisoning the people of Peru is dearly loved by the other two Jews because he supports Jewish causes. (note: This is not some cartoon fantasy, in real life, many murderous Jewish gangsters such as Moe Dalitz and probably the biggest organized crime boss in 2oth century America: Meyer Lansky, were famous for supporting Jewish causes. There have literally been hundreds of gangsters and fraudsters that have given huge sums to Jewish causes and Israel.)

The fugitive says, “No amount of racketeering, wire fraud or tax evasion gives me the same pleasure as alerting people to the dangers of anti-Semitism.” The rabbi and communal leader ask and receive his support for a Jewish “Ethics Chair” at a university.

Then Bernie Madoff shows up and the other Jews are effusive in their praise for Madoff’s illegal ponzi scheme calling him a genius on the order of King Solomon. Madoff is wonderful as long as he supports Jewish causes such as, “…supporting trips to Israel for Jewish teens.”

Then Madoff breaks the news that he didn’t just steal from Gentiles but from Jews too.

This revelation brings horrendous outrage from the three Jews. “This is AN OUTRAGE!!! It cuts to the soul of who we are as a people! What happened to our ETHICS? Our VALUES? You have shamed not only yourself but the entire community! I intend to write several op-eds about this!”

At which point they ask for 2 million dollars from the Jewish gangster who had poisoned the people of Peru so they can have conferences on the immorality of Jews cheating other Jews!

The cartoon shows three things. First, it truthfully illustrates the damning reality that powerful Jews, even ones who do horrendous harm and evil to non-Jews, are protected and honored by the Jewish community, unless, of course, they do harm to their fellow Jews.

Secondly, it shows that there are at least a few Jews who see this evil process and protest it. They are to be commended by Jews and Gentiles alike.

And third, it reveals the fact that non-Jews cannot even tell the truth and defend themselves from these racist Jewish predators. For surely, there is not a single Gentile in the America or Europe who could publish such a cartoon in the mainstream press without him being attacked as an anti-Semite and without having his career completely destroyed.

Just take a look at the cartoon, look at it closely, read it closely.  This cartoon, it’s theme, the fact that Jews can speak about what we can’t, it is all very instructive for the non-Jews of the world. It should help all of us wake up!

–David Duke

http://www.davidduke.com/general/jews-can-say-to-jewish-audiences-what-gentiles-would-not-dare_7448.html#more-7448