NEW YORK - It was announced on Monday that retailer Macy’s would cut 7,000 jobs.

"I just got laid off ... but I managed to grab what I could before I hit the door!"

The company will also consolidate its four regional divisions — East, Central, West and Florida — into a single entity.

Terry J. Lundgren, chairman, president and chief executive of Macy’s, told the New York Times that the move would help better position the company for 2010 … or, reassuringly, whenever consumers are ready to start spending again.

The way things are going, that might be a long time coming.

For the complete story, go here.