Macy's (M) - Get Report said Monday about 7,000 positions are being eliminated, equaling around 4% of its total workforce.

Shares of Macy's closed down 4% at $8.59. Elsewhere in the retail sector,

Wal-Mart

(WMT) - Get Report

fell 55 cents to $46.57;

Sears

(SHLD)

fell $1.01 to $39.91;

Target

(TGT) - Get Report

fell $1 to $30.20; and

JC Penney

(JCP) - Get Report

fell 25 cents to $16.50.

Shares of some top specialty retail companies are mixed at noon:

Gap

(GPS) - Get Report

was down 3 cents to $11.25;

Home Depot

(HD) - Get Report

rose 4 cents to $21.57; and

OfficeMax

(OMX)

fell 31 cents to $5.20.

This article was written by a staff member of TheStreet.com.