"It really did cause a downturn," Jim Cramer said on Monday's "Stop Trading!" segment on CNBC, referring to Macy's (M) - Get Report announcement earlier in the day that it was slashing its dividend. "This is a retailer. You cut your dividend, you're clearly in trouble."

He said other high-yielding retailers, such as

J.C. Penney

(JCP) - Get Report

, are "suddenly under pressure."

"Macy's has been in trouble literally for years," Cramer said. He said its business model, the big department store, "is just a loser these days. I mean, look, I think they're trying, but there's nobody in their stores at all."

At the time of publication, Cramer had no positions in stocks mentioned.

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