Department store chain Dillard’s will cut 500 jobs

Department store chain Dillard’s Inc. said Friday that the company planned to cut its workforce to reduce costs.

The Little Rock, Ark.-based retailer will fire about 500, or 0.8%, of its 60,000 employees across the United States, Dillard’s said in a statement distributed by Business Wire.

On Oct. 30 directors at the 70-year-old chain rejected calls by two shareholders to replace Chairman and Chief Executive William Dillard II.

Sales at the company have fallen for six consecutive quarters, a sign that Dillard’s plan to sell more expensive products isn’t attracting additional customers.

Dillard’s has stores throughout the Midwest, South and parts of the East Coast. Its three California locations are in Palmdale, El Centro and Stockton, with additional operations in Arizona and Nevada.

Dillard’s shares have declined 85% this year. The stock fell 5 cents to $2.78 on Friday.