J.C. Penney to Furlough Most Store Employees

Joining other big retailers in temporary workforce reductions, J.C. Penney (NYSE: JCP) is furloughing most of its hourly store associates due to the COVID-19 pandemic, which is forcing non-essential businesses across the country to temporarily close their doors. The company announced the measure as part of its latest business update, released on Tuesday. 

Furloughed employees who are enrolled in the company's benefits program will continue to receive those benefits, and J.C. Penney said it will cover the employee's shares of their insurance plan premiums. Most furloughed workers will be eligible for unemployment benefits from their states as well.

Image source: J.C. Penney

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Source Fool.com