Macy's closed all of its stores on March 18 to help combat the spread of COVID-19
Monday, Macy’s, which also owns Bloomingdale’s and Bluemercury, said the pandemic has “taken a heavy toll” on the company.
To try and conserve their finances, the company said they’ve already suspended its dividend, drawn down a line of credit, frozen hiring and spending, stopped capital spend, reduced receipts, canceled some orders and extended payment terms. Macy’s said there will be “fewer furloughs” in their digital business, supporting distribution centers and call centers so they can continue to make sales online.
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