Macy's furloughing most of its 130,000 workers nationwide
Macy's says it will stop paying most of its roughly 130,000 employees as stores nationwide struggle with the coronavirus crisis.
ABC News reports that the chain will be moving to an "absolute minimum workforce" for the time being. Most workers, including stock people and sales associates, will not be paid but can still collect health benefits.
The chain has lost the bulk of its sales due to the temporarily closing of all 500 of its stores starting March 18.
“We expect to bring colleagues back on a staggered basis as business resumes," the company said.
To survive in the meantime, Macy's has suspended its dividend, drawn down its line of credit, frozen hiring and spending, and canceled orders. It said it is now evaluating all financing options.
According to ABC News, more than 190,000 stores, including J.C. Penney and Neiman Marcus, have temporarily closed, accounting for nearly 50% of the U.S. retail square
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