Macy's Cutting 7,000 Jobs

In a move affecting 4% of companies workforce, Macy's makes a decision to cut 7,000 workers. This is a hard hit with many of their employees scrambling to find jobs in an economic period where available jobs are few and far between. Macy's will save an estimated $400 million a year starting in 2010.

It is unfortunate to hear that so many retailers are shutting down and laying off so many people. This will have a major impact on the number of jobs that will be available to those of us students graduating in May. My hope it that this will change very soon. Macy's is a fortune 5oo company. If they are struggling with this horrible economy, then what will happen with smaller companies.

(Pictures and Story From: http://money.cnn.com/2009/02/02/news/companies/macys/index.htm)

Circuit City Closing Remaining 567 Stores in U.S.

Is it really true?

According to the the headline posted on the National Retail Federations Smartbrief website, Circuit City is closing their 567 remaining stores. This is a true testament to how horrible our economy has become. 34,000 people will be jobless by March, and the job market is the worst that it has been since the Great Depression. Will we ever get out of this recession? I would say that we have finally hit the depression stage. What are we supposed to do now? The retail industry is suffering. So many companies are going out of business. I went to the mall and two out of the four jewelry stores had shut down. Many say that 2009 will be worse than 2008 and so far they are right. Sure I might be able to get that Sony Plasma HD TV that I have always wanted at a great discount, but who knows, by March I might have to sell the TV because I lost my job too. This really sucks!!!!! (Picture and Story from: http://www.latimes.com/business/printedition/la-fi-circuitcity17-2009jan17,0,788951.story )