Coronavirus News: Macy's to furlough most of its workforce
NEW YORK CITY (WABC) -- Because of the impact of the coronavirus crisis, Macy's says it plans to furlough most of the workforce starting this week.
Macy's stores have been closed since March 18th.
While the digital business remains open, Macy's says sales have plummeted due to the store closures.
The company took some measures including suspending the dividend, drawing down its line of credit, freezing both hiring and spending, stopping capital spend, reducing receipts, cancelling some orders and extending payment terms, and other financing options, but Macy's says it's not been enough.
The majority of employees across Macy's, Bloomingdales, and Bluemercury brands will go on furlough beginning this week.
Those employees enrolled in health benefits will continue to receive coverage.
Macy's expects to be able to bring back employees on a staggered basis as business resumes.
There will be fewer furloughs in its digital business, supporting distribution centers and call centers so online customers can still be serviced.
MORE CORONAVIRUS COVID-19 COVERAGE
See how our communities are making a difference
Free educational resources for parents and children
How you can help victims of coronavirus
Where is COVID-19 now? and other resources
Coronavirus news and live updates in New York
Coronavirus news and live updates in New Jersey
Coronavirus news and live updates in Connecticut
How coronavirus is leaving ghost towns in its path
Coronavirus prevention: how clean are your hands?
Social distancing: What is it and how does it stop the spread of coronavirus?
Coronavirus closures and cancelations
Coronavirus tips: What Americans need to know
Related Information
