Macy's announced cost-cutting measures Wednesday after reporting a same-store sales decrease of 7.1% in January. The company plans to consolidate its U.S. operations to create fewer divisions and cut more than 2,300 jobs. Building the company's brand nationally remains critical, Macy's CEO Terry Lundgren said, but "we have to be sure we are totally tuned into the customer and individual stores while carrying the national brand."

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