Macy’s department store announced Monday that the “majority” of its roughly 130,000 employees will be furloughed starting this week to ease the blow to its overall revenue amid the coronavirus pandemic. The venerable retailer closed all of its 775 stores on March 18 and continued to sell products online; however, it said the coronavirus outbreak has taken a “heavy toll” on its overall sales. “While the digital business remains open,” Macy’s said in a statement, “we have lost the majority of our sales due to the store closures. We’ve already taken measures to maintain financial flexibility, including suspending the dividend, drawing down our line of credit, freezing both hiring and spending, stopping capital spend, reducing receipts, canceling some orders and extending payment terms, and we are evaluating all other financing options.” The company said these measures have not been “enough,” which has prompted it to cut back on the number of employees “needed to maintain basic operations.”
Read it at The Wall Street Journal
