Black Monday

Today Macy's dropped the big bomb. They announced the centralization of all their regional buying offices into one based in NYC. This means my boss and all my friends lost their jobs today and mine is still potentially up in the air. In total approximately 7,000 jobs will be cut.


I think what makes me so mad is this quote from our CEO:

"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.

How can a CEO be excited about the future of their company after what just took place?

I'm also mad at this vicious circle that our economy is going through. Whether it's selfish or responsible, you save money rather than spend it on materialistic things in order to feed your family and pay your bills. But perhaps, in actuality, you should be spending money to help fuel the economy and to keep yourself and others employed. But I am one of the selfish/responsible ones that have cut needless spending and as a result may have cut off my nose in spite of my face.

I'm hoping I get good news later this week, but I'm still sick to my stomach for my friends and other co-workers who have to go home to their families and cope with today's turn of events. I'm typically an optimistic person but today took a lot of wind out of my sail and I feel like this economy is going to get much worse before it gets better.