Amid reorginzation efforts, about 4% of the 180,000 Macy's employees will be let go. They are also repurchasing about $950 million in debt. All of this is supposed to save them about $250 million.  Macy's announced last month that they are closing 11 of their 840 stores.  The 150 year old department store's stock closed at 4% lower at under $9 yesterday.