Macy's Shares Are Falling After It Furloughed Thousands of Workers

Shares of department-store giant Macy's (NYSE: M) were down on Tuesday, after the company said it is furloughing most of its 130,000 employees as stores remain closed due to the coronavirus pandemic.

As of 2:30 p.m. EDT, Macy's shares were down about 7.9% from Monday's closing price. 

In a statement on Monday, Macy's said it is "moving to the absolute minimum workforce needed to maintain basic operations," including its online store. 

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Source Fool.com