Macy's says it is furloughing a majority of its 130,00 employees. The retailer closed all of its more than 500 stores this month as the coronavirus spread.
A cyclist passes Macy's in Herald Square, Monday, March 23, 2020, in New York. Macy's stores nationwide are closed due to the coronavirus.
A cyclist passes Macy's in Herald Square, Monday, March 23, 2020, in New York. Macy's stores nationwide are closed due to the coronavirus. The company on Monday said it is transitioning to an ’’absolute minimum workforce” needed to maintain basic operations.Employees who are enrolled in health benefits will continue to receive coverage with the company covering 100% of the premium.Macy’s closed all of its stores this month, more than 500, as the coronavirus spread.
To survive, it has suspended its dividend, drawn down its line of credit, frozen hiring and spending, and cancelled orders. Macy’s is now evaluating all financing options.
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