NEW YORK — Macy's announced Monday that it will eliminate 7,000 jobs, almost 4 percent of its work force, and cut capital spending, reduce its contributions to its employees' retirement funds and slash its dividend to preserve cash amid a severe pullback in consumer spending.

The Cincinnati-based department store chain also announced the national rollout of a plan to localize merchandising to specific markets, which it began in some regions last year.

The company, which also delivered downbeat earnings and sales forecasts for the year on Monday, said it plans to integrate all its geographic divisions into a single unit.

Macy's shares fell 4 percent Monday to close at $8.59.

Macy's said the job cuts, which include some unfilled positions and 1,900 being eliminated in the restructuring, will come at corporate offices, stores and other locations.

The company employs about 180,000 people. Macy's also slashed its quarterly dividend to 5 cents from 13.25 cents. The company reports its fourth-quarter earnings on Feb. 24.