Macy’s said on Monday (March 30) 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.
“We’ve already taken measures to maintain financial flexibility … While these actions have helped, it is not enough,” the company said in a statement
(Production: Deborah Lutterbeck)