Macy’s Will Furlough 130,000 Employees
March 30th, 2020Via: Reuters:
Macy’s Inc said on Monday it would furlough most of its 130,000-strong workforce starting this week as all stores of the department chain operator have been temporarily shut due to the coronavirus pandemic.
Like many retailers, Macy’s has already said it would suspend quarterly dividend and withdrew its 2020 sales and profit forecasts in response to the uncertainty and financial hit from the store closures.
The company said on Monday the store closures had severely dented a majority of its sales, despite the online business staying up and running.
