Macy's to furlough majority of its 130,000 workers
Macy’s Inc., Kohl’s Corp. and Gap Inc. all said Monday that they will stop paying hundreds of thousands of employees who were thrown out of work when the retail chains temporarily closed their stores and sales collapsed as a result of the coronavirus pandemic.
A Gap spokesman said the furloughs affect nearly 80,000 out of 129,000 employees across all the clothing company’s brands, including Banana Republic and Old Navy.The furloughs are bad news for an economy in which the retail industry supports one out of four workers. They are also perhaps the most dramatic sign that even big-name retailers are seeing business evaporate and that the $2-trillion rescue package passed by Congress and signed by President Trump last week may have limited effect.
More than 190,000 stores, including JCPenney and Neiman Marcus, have temporarily closed, accounting for nearly 50% of U.S. retail square footage, according to Saunders. Discounters, grocers and wholesale clubs that sell essential items such as groceries remain open — and are scrambling as they try to keep up with shoppers who continue to stockpile canned goods, paper towels and other staples.
The big question is how many of these furloughs will lead to permanent layoffs. Rent the Runway, a pioneer in fashion rental, confirmed Monday that it was laying off its retail staff and said it may not be able to reopen its stores that temporarily shut this month. Its online subscription service continues to operate.
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