Macy's Furloughs Most Workers as Coronavirus Shutdowns Continue
Retailer Macy's (NYSE: M) is furloughing most of its workers, according to a press release from the company on Monday. The iconic New York City company operates around 775 stores across the U.S., and all have been closed since March 18 in response to the coronavirus pandemic. In light of this difficult situation, it had already decided to improve its liquidity by suspending its dividend and cutting capital expenditures, among other things. But, said management, "[w]hile these actions have helped, it is not enough."
Macy's employs close to 130,000 people across its retail brands, which include Macy's, Bloomingdale's, and Bluemercury. The furlough applies equally across all of them. Only personnel essential for e-commerce, distribution centers, and call centers will remain on the job.
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Source Fool.com
