Fitch: Macy's unchanged

Fitch Ratings said that in its view, Macy's, Inc.'s restructuring and financing announcements do not affect the existing ratings and outlook.

According to the agency, Macy's announced that it will roll out its My Macy's initiative chainwide and implement a new operating and cost structure as well as preserve cash by cutting back capital expenditures and reducing its dividend.

Fitch said that highlights include reducing operating expenses by $250 million in 2009 and $400 million annually thereafter through its organization realignment which includes consolidation of divisions and corporate office functions and investments in local infrastructure resulting in a net reduction of 7,000 positions or 4% of its total workforce.

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